Credit Cards: The Fed Proposes New Terms to Aid Cardholders

Credit cards are in every pocket or purse of the average American. The ease in making purchases or when an emergency arises can all be easily handled by credit cards. However, despite the fact that practically every American own at the very least one credit card there are some issues that arise for card holders; namely interest rates. The problem with credit cards and government solutions have been documented on business and finance sites like subprimeblogger.com for months and just a few days ago the Fed took steps in combating the abuse of cardholders by the credit card companies.

Some of the proposals the Fed is making would be to stop interest rate increases for one year after the credit card is activated, as well as, a ban on increasing interest on current credit card balances that aren’t over two months late. The Fed realizes that some people are in a position where they rely on credit cards and these new proposals are being set in place to protect people from credit card companies that would look to swindle cardholders out of their money or put rates in place that would keep cardholders in debt for a lifetime.

Another measure taking place is that a credit card company will not be able to issue a credit card to anyone under 21 years of age unless there is proof the individual can make the required payment or that cardholder has a co-signer to back them.

With our nation being so credit card crazy and relying heavily on credit, which essentially is spending money we don’t have, will these changes to the credit card industry help to lessen the burden of interest rates forcing people into crushing debt or is this simply a speed bump for credit card companies who seek do gain cardholder’s money no matter what?

Over the next few weeks while many are looking to clean up credit card debt others will be looking to file taxes online.  Luckily, most can find all the information they need on IRS.gov.  With some asking the question “Who Can eFile for Free with a 1040EZ?” it would be smart to take advantage of all the free resources that are provided by the Federal Government.

During this time of year many are also looking for some of the best sales and deals to save some cash.  Some in California may seek California Sears Presidents Day TV Sales 2012 in hopes of finding great deals.  Remember that WalMart, Best Buy, Frys and Costco can also help when it comes to finding rock bottom prices after Valentines Day.