Credit Card Legislation Introduces an Era of Responsible Credit Card Usage
This upcoming year may bring more than new credit card legislation; it may just bring about more responsible credit card usage among consumers.
Looking Back on 2009
We have learned a lot from the past year. From the housing market crash to the debacle that resulted from the near-collapse of the credit industry, 2009 was a year of shocking change. For those of us accustomed to spending wildly on everything from cars and houses to vacations and clothes, 2009 brought about a huge change.
No longer could we take out credit at will; in fact, many creditors pulled in the reigns and not only began denying credit to consumers, but also limiting their access to the credit that they already had.
Case in point: many consumers saw the interest rates on their credit cards soar and their credit limits cut in half. It was a desperate attempt at credit card companies to limit their losses amidst delinquent loans and abandoned credit card debt.
Many individuals were also shocked to see their credit card company change the terms, fees and conditions on their cards. Even those with the best credit scores saw changes to their credit cards. In fact, 2009 left everyone feeling much more financially vulnerable than they did just a year earlier.
Positive Changes for 2010
However, 2010 may be the year that responsible credit card usage and accountability take center stage. No longer will credit card consumers be able to blame credit card companies for unfair practices and sneaky tactics. In fact, credit card companies will be forced to lay all cards out on the table, thereby leaving no surprises for credit card consumers.
In other words, credit card companies must be more responsible, and credit card customers must also do their part and act more responsibly.
One of the biggest changes for 2010 is that only the most responsible credit card consumers will be offered credit. Everyone else must prove themselves by acting responsibly with their other types of credit if they expect to snag a credit card.
Make a Promise for a More Financially Secure Future
Make 2010 your year for more responsible credit card usage. Read and re-read your credit card’s terms and conditions and make it a point to understand all aspects of your credit card. You owe it yourself and you owe it to your credit score to act responsibly in 2010.
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