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President Obama signed off on credit card reform last month a true and -- already raising rates and eat pregnant bride is Bankrate dot com.
Hotel -- and joins us right now.
So great are we starting to see the ripple effects are against the unintended consequence is a credit card reform -- legislation.
I -- -- -- trend is is much the same that we've seen in recent months card issuers have consumers on a very short leash.
They're very quick to raise interest rates scaled back credit lines institute new piece.
And I think these next nine months or eight months until the legislation takes effect we're gonna have to brace ourselves because we are going to see.
A lot more of this before those restrictions go into -- and limit the ability of -- to do so.
OK so what does that mean for me at home right now does this mean that I can expect if I'm going to a fine tooth comb that please wait everything across the board.
That it's gonna start hit me hard.
It will win what it means is that we as consumers really have to be on our towns and -- a few things first.
Read everything any correspondence that you get from your card issuer keep a close eye on your credit limit.
As issuers are actively scaling back credit limits as they have been for some time now.
Eight look out for any changes in terms and then -- at -- very aggressive about paying down the debt.
Take advantage of these low interest rates because the fact is the rates are only going to go up over time.
And if you have good credit a solid credit score and low debt relative to your credit line.
You're great candidate to shop around to look for some better deals elsewhere so you know take advantage of that opportunity lawlessness so are -- deals to -- -- There are -- you know I could mean issuers across the board at that consumers on the shorter leash but that's most pronounced.
For consumers have had trouble making their payments on time or who are running very high balances -- even skating by on minimum payments month after month so.
While some issuers -- had this you know -- ready fire aim attitude of just raising interest rates across the border scaling back credit lines even for people -- great credit scores.
Not every issue where he's being get draconian until we get some opportunities for consumers I have great credit and loan debts to be able to shop around and get -- better deals out there.
And ultimately -- as we wrap up here a lot of talk about the health program what the -- that reserve could do you buy.
Creating that securitization markets been missing because -- securitization market for asset -- securities like credit cards and that wouldn't get the necessary funding out there.
Our programs -- like that helping create one liquidity.
Well here's the thing it may bring more lenders to the marketplace and not just in credit cards for things like student loans small business -- But it's not going to change who lenders are ultimately willing to land to we've moved away from this era of very easy credit.
And now the bar has been set much higher that's not going to change by -- bringing more lenders and the marketplace on how prevalent I believe --
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