Under the pressure of job insecurity and widespread unemployment, U.S. consumers have actually reduced their collective credit card debt. But total U.S. credit card debt still exceeds $888 billion.
New Credit Card Accountability, Responsibility and Disclosure (CARD) Act protections, most of which went into effect in February 2009, require card issuers to communicate better and disclose rates and other information more clearly. This should make it easier for consumers to monitor what they owe. But, new regulations can't prevent people from making poor debt management habits.
If you don't already have a South Carolina Federal Credit Union credit card, now's the time to get one. Contact us today.