Gift Cards To Get Some Indiana Legislation
Are you using cash this holiday season? A recent survey of American consumers shows that more than ever shoppers are planning on using cash this year to buy holiday presents. It’s a good thing, too, because with the speeds at which credit card companies are raising interest rates and penalty fees, and decreasing credit limits, consumers are really left with no other options.
The amount of consumers who plan on using their credit card this year to pay for holiday gifts dropped a whole 10%, while just 4% plan on using personal checks. Cash is in this season, and if the credit card companies have learned anything about consumer interests it’s that they don’t like high interest rates and outrageous fees. Most just aren’t going to take the chance of getting into debt this holiday season.
We’ve mentioned it before, but at the rate the credit card companies are raising interest rates and penalty fees it’s no wonder that everyone is using cash this year. While the Credit Card Act is just around the corner, and will affect every credit card holder in America, it will also affect every gift card holder as well. This is great news for those holiday shoppers who can never find anything better than a gift card.
Under the legislation proposed by Sen. Charles Schumer (D-NY) gift card issuers will be required to better disclose gift card fees as well as more restrictions on expiration dates, which the Fed says will not go into effect until next August, but Schumer is pushing for an earlier enactment in time for the holiday shopping period. (axcessnews.com)
Gift cards have become a popular holiday shopping gift idea though many issuers have terms and conditions which very widely depending on who issues the card. Sen. Schumer says it’s nearly predatory and like stricter credit card disclosure, gift cards need similar controls. (axcessnews.com)
Keep your eye out for this new legislation to be implemented soon, yet another point for the consumers and a loss for the creditors. If you need some help getting out of debt, don’t hesitate to give us a call.
