President Obama Signs the Credit (CARD) ACT (Video)

President Obama signs Credit Card Accountability, Responsibility, and Disclosure Act

The “(Card) Act” is a Law that addresses the reality that 80% of Americans have Credit Card Debt and 40% of Credit Card Holders carry a Balance month to month.

So this is a big victory indeed!  As Debt Warriors™ we are glad that we stood on the side of good on this issue.  We are happy that all of our Youtube Subscribers took the actions that we asked of them.  Below is a video from February 2, 2008.  Back then we asked our YOUTUBE friends and subscribers to take action against Credit Card Tricks and Traps.

We  are hopeful that the new reforms will bring financial freedom to millions.

We said “there ought to be a Law” against Credit Card Tricks and Traps and we were right 🙂  Now there is a Law!

More Consumer Rights For Credit Card Debt?

Are you suffering and mad about a recent Credit Card Rate Hike?

Then you should know as Debt Warriors, our deepest thoughts go out to you.  We  know that even as a responsible Credit Card Holder, your  Credit Card Rates can be raised – at will.   And it really sucks when your interest rates are raised.

What seems greedy is when you call your Credit Card Company for help and are told…

“…I’m sorry, ‘NO’ we can’t help you because:

• There are no offers on your account…
• Your account doesn’t qualify for any assistance…
• You’ve gone to far over your available balance…”

Then it get’s hurtful

The Credit Card Company says:

“…Your best options are to;

1. Pay down your ‘Outstanding Balance(s)’ …
2. Consider undergoing Credit Counseling…
3. Review your Credit Report because something is being reported that is affecting your Credit Score”…

Has any of the above ever this happened to you?

If it hasn’t I wouldn’t get too comfortable.  Because it can happen to you.  Yes, you could try and get your rates lowered only to be turned down or reffered to Credit Counseling (which you probably don’t need).  That’s why Debt Warriors have produced our video courses.

Being real-world Credit and Debt Specialist we know what you’re not being told by anyone else.

So, why are we excited for you?

Well for one, every Debt Warriors Member knows that you have many rights regarding your Credit Card Accounts.  There many Consumer Credit Laws designed to provide you with justice  (i.e. The Fair Credit Reporting Act, Truth In Lending Act and others).  But the really cool thing is more Consumer Rights are on the way.

Credit Card Holder’s Bill of Rights

We are really excited about you getting more Consumer Rights for Credit Card Debt! You don’t have to take my word for it.  Check out the summary of the Credit Card Holders Bill of Rights  Legislation (waiting for Senate Approval) :

” Credit Cardholders’ Bill of Rights Act of 2009 – (Sec. 2) Amends the Truth in Lending Act to prohibit a creditor from increasing any annual percentage rate of interest (APR) applicable to the existing balance on an open end consumer credit card account unless specified conditions are met.”  ~ Source U.S. Senate

Hopefully The Credit Card Holders Bill of Rights Will Pass

If the Credit Card Holders Bill of Rights passes that will mean even more rights that you’ll be able to enforce as a Consumer.  That is exciting news! But even if the Legislation fails to pass, Debt Warriors will still be here to help you win your War on Debt.

Credit Card Reform: 3 Reasons Why You Should Support 2 New Bills

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Debt Warriors Encourage You, To Take Action and Spread the Word About 2 New Credit Card Reform Bills”

Right now, there are two new Credit Card Bills, in your Lawmakers hands. The time to act is now!   Debt Warriors call on you to not be numb to what is happening in our Government in the next couple of weeks.

If  You are a Credit Card Holder Your Financial Future Could be at Stake

You’re Probably Eager to get a  quick Briefing on what Debt Warriors are encouraging you to do:

• On, 09/24/2008, Debt Warriors first  informed you of  HR. 5244, the Credit Card Holders Bill of Rights.  HR. 5244 was introduced by Rep. Carolyn Maloney.
• On, 10/10/2008, we shared a victory.

Shocked By Success

Today Debt Warriors were pleasantly shocked when we  found out (from our friends at Americans For Fairness In Lending), That the Credit Card ACT, and the Credit Card Holders Bill of Rights Have been Approved!

If you’re a Credit Card Holder, and you are  exhausted trying to pay off your Credit Card Debt, you won’t find me being bashful about what Debt Warriors has helped accomplish.  You should know we’ve been supporting our friends and Allies from day one.

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Why Should You Support These 2 New Bills Into Becoming Laws?

The Credit Card ACT as well as the Credit Card Holders Bill of rights Would do 3 things:

1. Stop Double-Billing Cycles,
2. Force Credit Card Issuers to send bills at least 21 days before the payment due date, and
3. End late fee’s if  the Consumer mailed payment at least 7 days before the due date.

Does Your Lawmaker Support HR. 627?

If you want to see who is (or isn’t supporting) the Credit Card Bills click here.

If you want to send a letter to tell your Lawmaker to support the Credit Card Act: click here