Page 14 - Card Act News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Down. >> the credit card companies, aren't they upping their -- >> oh, yes. >> what's it called -- >> the interest rates. >> that's going up higher. >> they're really going up higher. we're not used to that. we're used to years of cheap credit and now projecting out in the fall, 17% average credit card rate. that's very expensive. that's painful. people are using their cards much less, too. rates are going to go up. now with the card act in effect, most folks if you had a low-fixed card, they change it had to a variable rate card so few of us have those low cards anymore. >> that's good. delin...

Scratchoffs, ronline gambling, smoking. any of those bad habits. cut back or cut out significant savings. >> what about cutting things we all pay for every month but just don't use them all the time? the gym. that's a good example, right? >> oh, the gym's a great example this time of year, because everyone was well intentioned and signed up for the gym membership in january. check your automatic drafts. where you're going to see, a gym membership, maybe a movie sub sdlapgs you never order a movie but it's being drafted each month. magazine subscription, newspapers, watch things like that. >> a...

Improvement, oh, we will take it. are we getting as much improvement as i think everybody would really like to see? no, we still aren't, but are we walking in the right direction? we are. you have to be optimistic at what the numbers are saying. >> there is also news that could impact everybody who carries a debit card. bank of america will no longer charge overdraft fees on those debit cards. a big difference? what is the change mean? will other banks follow? >> well, here's the thing. most likely you won't be able to do an overdraft because you will be declined when you go to use it. what do...

Progress? because this is an issue that we talked about for years. >> you're talking about the card act that went into effect this week. let me tell you, i grew up in oklahoma, this is out on the prairie. the credit card act, it's good, it outlawed 10 bad bras, it's like putting ten fenceposts, hammering into the ground in the prairie. if you're dumb enough to move straight into one, it will hurt. but if you move a little left or a little right, you can get around them. the credit card companies, they've done the analysis, you can't do these, they've figured out how to get around them. >> so i...

Lot of money, and that left me with very little access to emergency fundage if needed. >> reporter: but consumer experts say the card act does level the playing field. >> there are unequivocal wins for consumer in the new credit card legislation. >> reporter: it's estimated consumers will save at least $10 billion a year because of the new law. but for kathleen, this is one relationship that's already soured. >> i'm just paying them down and i won't use those companies again. >> bottom line, you really have to open your mail from your credit card company. that's the only way you will find out ...