Penn State Ag Sciences Newsline -- June 23, 2009
New Credit Card Bill of Rights may have pluses, minuses for consumers (:49)
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Suggested Intro:
THE NEW CREDIT CARD LAW PASSED BY CONGRESS LAST MONTH MAY HAVE PLUSES AND MINUSES FOR CONSUMERS. A FAMILY-FINANCE SPECIALIST IN PENN STATE'S COLLEGE OF AGRICULTURAL SCIENCES SAYS CONSUMERS SHOULD UNDERSTAND THE NEW RULES. MORE FROM GARY ABDULLAH:
Story:
(:17) WHILE CONSUMER ADVOCATES CHEER THE NEW PROTECTIONS THE LAW PROVIDES, SOME EXPERTS SAY THE BILL OF RIGHTS COULD REDUCE THE AVAILABILITY OF CREDIT AND TRIGGER NEW FEES. PENN STATE CONSUMER SCIENTIST CATHY BOWEN SAYS, WHILE CONSUMERS SHOULD BE AWARE OF THE NEW PROVISIONS, THE BASIC PRINCIPLES OF CREDIT CARD USE HAVEN'T CHANGED:
Bowen Actuality:
(:20) YOU STILL HAVE TO BE RESPONSIBLE, YOU NEED TO KNOW HOW MUCH MONEY YOU HAVE TO WORK WITH AND HOW YOU CAN USE IT. YOU NEED TO PUT ASIDE MONEY FOR THE FUTURE. THE GROUND RULES ARE GOING TO BE THE SAME. YOU MAY CHANGE A LITTLE NUANCE HERE OR THERE, BUT FOR THE MOST PART, WE HAVE THE FOUNDATION PIECES FOR HOW TO MANAGE OUR MONEY. YOU JUST HAVE TO TWEEK THE REST OF IT BASED ON WHAT TECHNOLOGY'S IN USE AND WHAT YOUR CHOICES ARE."(:10) BOWEN HAS WRITTEN SEVERAL FREE FACT SHEETS ON "CUTTING CREDIT COSTS," AND YOU CAN FIND THEM ONLINE AT PUBS DOT C-A-S DOT P-S-U DOT E-D-U. FROM PENN STATE, I'M GARY ABDULLAH.
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