Federal Reserve Board Launches Consumers Guide to Credit Cards

New rules are in place for credit card issuers, thanks to the Credit CARD Act of 2009. These new rules are designed to make consumer credit more transparent and easy to understand.

The Federal Reserve wants to go a step further. As such, they have released their Consumers Guide for Credit Cards. This site has a couple of cool features that can benefit any consumer that is considering new credit.

New Interactive Guides

A sample credit card offer is presented which shows the new face of credit card solicitations. Card companies must follow this format when extending an offer to you. You may point at some of the features of the statement for a more in-depth look at this format.

Also, a sample monthly statement is supplied which is also interactive. You can learn more about the various items that must appear on your statement.

My favorite is an estimate of how long it takes to pay off a credit card balance. This calculator actually links back to an existing page that the Federal Reserve has long provided. By estimating a payoff on a credit card balance, you can see how much it will cost you to carry that balance forward.

The goal is that consumers will take a more active role in choosing the right offers, maintaining their current accounts properly and carrying a lower debt load. The Federal Reserve promises to update this site to provide enhanced interaction on credit card rules.

Kenneth Long
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Kenneth Long

President at Debtors Unite
Kenneth Long is President of Debtors Unite, Inc. as well as President and Vice Chairman for Vision Credit Education, Inc. He served as a regional coordinator for the North Carolina Saves campaign. Long co-founded the Wake EITC Coalition along with Family Resource Center of Raleigh.

Long is a graduate of the University of North Carolina at Chapel Hill with a B.A. in Industrial Relations. He subsequently received his Certificate in Nonprofit Management from Duke University. His Certificate in Financial Planning was issued by Florida State University.

Long has achieved the Accredited Credit Counselor and Accredited Financial Counselor certifications through the Association for Financial Counseling, Planning and Education. Long originally achieved the Certified Credit Counselor designation through the National Institute for Financial Education.

In addition to years of nonprofit leadership, Long has been an innovator in the field of volunteer tax return preparation programs. He assists volunteer associations and nonprofit organizations who seek to integrate credit counseling and asset-building programs with free personal income tax preparation. His approach to using free credit reports as both an incentive and a screening tool for placement into asset-building programs has been shared with members of the National Community Tax Coalition, the EITC-Carolinas Initiative of MDC, Inc. and nonprofit groups across the Carolinas.

Long assists members of our armed forces in the Carolinas, Iowa, Rhode Island, Georgia and Germany with financial readiness. Please support our Soldiers, Marines, Airmen and Sailors!

Favorite quote:

"The democracy will cease to exist when you take away from those who are willing to work and give to those who would not."

Thomas Jefferson
Kenneth Long
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