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The Credit CARD Act of 2009 = Good News for Consumers

On May 22, 2009, the Credit CARD Act of 2009 was signed into law by President Barack Obama. The full title of the law: Public Law 111-24 is the Credit Card Accountability Responsibility and Disclosure Act of 2009. It amends the Truth In Lending Act, the Federal Trade Commission Act and the Electronic Funds Transfer Act.

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Good news for Credit Card Holders! Change is coming!

On May 22, 2009, President Barack Obama passed the “Credit Card holders’ Bill of Rights.” This milestone measure received bipartisan support in both chambers and will make credit card issuers display fees more clearly and end many random abuses. This bill takes full effect on February 2010.

Once the bill is effective, credit cardholders should experience a more consumer-friendly experience when the credit card industry is required to play by clear and fairer rules.

The Credit Cardholders’ Bill of Rights will help credit card users by:

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How to Negotiate a lower Credit Card Interest (APR)

Most credit card lenders charge anywhere from 0 to 20% in interest (APR). I’ve seen some particularly creepy banks that charge as much as 35%! Most people do not realize that you can negotiate with your credit card company for a lower rate, especially if you’ve had any of your credit cards for a long time.

All you need to do is to call them up to insist on a lower rate. Shoot for 9% to 15%. You’ll be surprised at how easy it is to save yourself a lot of money.

Here’s how to do it:

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Groupon: One of the most innovative money saving sites I have ever seen

Groupon: One of the most innovative money saving sites I have ever seen.

This is a little bit off from my usual credit and finance blogging, but it's definitely about about saving money, and everyone loves that.

I just discovered one of the most innovating money saving sites I have ever seen. It's called Groupon.

How It Works

1) Each day Groupon feature's something cool to do at an unbeatable, crazy-low price. Restaurants, products, services, shows, often at half off, or less!

2) You only get it if enough people join that day…

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Make sure your credit reports contain the proper credit limits!

Make sure your credit reports contain the proper credit limits!

Some lenders do not report consumer credit limits. Instead they will only post the highest balance you have ever carried. Keeping proper credit limit information out of your file is not always an innocent oversight. It’s often done purposely by a lender to make you look less attractive to their competitors, so they won’t send you pre-approved offers. Worst of all, it lowers your credit score!