How credit card reform affects Gen Y
With the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009 now in full effect, you may have noticed changes to your credit card statements along with a flurry of announcements about new terms and disclosures. The law sets new rules for how credit card companies must treat consumers. For example, credit card companies can’t hike interest rates retroactively on previously existing balances, but they can increase current interest rates with a 45-day notification. Y Gen TV reporter Briana Conner examines one important aspect of the new law that will affect the buying habits of Generation Y under 21 years old.
For more information about all the new regulations, check out the fact sheet at www.whitehouse.gov.
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