Over the weekend, personal finance columnist Kara McGuire wrote about the Credit CARD Act of 2009, which takes effect on February 22nd. Although there is much good in the bill, she cautioned consumers about some things not in the bill. She quoted Sam Glover in the article:
Minneapolis consumer attorney Sam Glover, who blogs at CaveatEmptorblog.com, wishes the act included interest rate caps. “I don’t understand why 30 or 60 percent interest isn’t enough and Congress isn’t willing to say it,” he said.
New credit rules are no reason to let guard down