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Overview of the federal CARD Act

The federal CARD Act, passed about 10 year ago, offers important protection to residents of Tallahassee who use credit cards. It is important for Floridians to understand what their rights are under the CARD Act. If they realize that their credit card company has not followed the law, then they may want to consider contacting a credit card debt relief attorney in Florida to evaluate their legal options.

One of the most important features of the CARD Act was to require credit card companies to explain their interest rates and fees more clearly both when selling a credit card to someone and when sending out monthly statements. This way, consumers can see more easily what they are really paying for the privilege of using a credit card and can plan accordingly.

Moreover, companies now have limits on how much they can charge for going over the card's credit limit. For one, the company can only charge the amount that the debtor exceeded the credit limit. Also, a cardholder has to actually agree to these types of fees as an alternative to just not being able to use their card once it hits the limit.

The CARD Act also prohibited companies from increasing interest rates or making other changes to the credit card agreement without notifying the cardholder. Now, in most cases, cardholders have 45 days to opt out of any change the company wishes to make, which means the cardholder chooses to close his or her account early.

The CARD Act includes other important rights that can help Florida consumers avoid the serious consequences of being in excessive credit card debt. Tallahassee residents should familiarize themselves with the terms of this law and, if they are the victim of a violation, pursue appropriate action.

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