What You Need To Know About The Credit Card Safety Star Act of 2007
What Does the Credit Card Safety Star Act Mean To You?
There's much hullabaloo about the Credit Card Safety Act of 2007. But what do stars and safety have to do with your credit card debt? Believe it or not, someone might start holding the credit card companies accountable for their actions and the Credit Card Safety Star Act of 2007 is one of the ways that's going to happen. If you want to know what this Act is and what it means to you, we've got the answers...
What Is The Credit Card Safety Star Act?
Someone finally got tired of the games that many of the credit card companies play with their hidden fees and cloudy terms. Now they're going to be held accountable -- or at least people will be able to see them for what they are if the Credit Card Safety Star Act has its way.
What Does It Mean?
If the Credit Card Safety Star program is actually put into place, all credit cards will be rated by the Federal Reserve. A credit card with very unfavorable terms and conditions and hidden fees and excessive charges would be given just one star. The better the terms of a card, the more stars it would receive on a scale of one to five.
Think of it like the crash-test rating system, except it's applied to credit cards. You would know exactly how "safe' a credit card was before ever signing on the dotted line.
And Changes Will Come
So how will the Credit Card Safety Star program change things? Well, how likely would you be to send in an application for a card that had only one star? Other consumers will think the same way and when the credit card companies start losing money because of this, they'll start changing their ways. Or so we hope.
So here's to hoping the Credit Card Safety Star Act becomes a reality. Here's to hoping that credit card companies will finally be held accountable for their actions. Here's to hoping that a change is coming -- a change for the better.