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I believe that credit cards are very important and beneficial to use. Credit cards are easy, and allow access to quick money that can come in handy at time of need. My views haven't changed that much about credit cards, I still believe they are manageable but often hard to not over spend with. I don't think I will apply for a credit card because I have an issue with online shopping, and having access to unlimited money is dangerous. However, I may apply for a debit card.

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Government Protection For Your Credit Card

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Government Protection For Your Credit Card

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Truth in Lending Act: The government ensures your safety by guaranteeing safe billing and the false advertisement of "good deals" that are actually scams.
Electronic Fund Transfer Act: The government has made sure that when you electronically transfer money through an ATM (ect.) the money is being sent where you intend it to go.

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The Consumer Credit Protection Act (CCPA) was enacted in 1968 to help guarantee American consumers fair and honest credit practices. This federal legislation standardized practices to ensure lenders throughout the country followed the same sets of regulations.

As banking and credit reporting evolved, additional laws were developed and put into place under the Consumer Credit Protection Act. Although each has a special niche among the financial guidelines, they share a common trait: they were written to protect consumers.

Now the CCPA is an overarching law that contains several acts with more precise scopes. Among these specific laws are the Truth in Lending Act, the Fair Credit Reporting Act, the Equal Credit Opportunity Act, the Fair Debt Collection Practices Act and the Electronic Fund Transfer Act.

Title III

One of the key provisions of the Consumer Credit Protection Act deals with garnishment of wages and the ability of an employer to fire a worker who is subject to wage garnishment.

The provision is known as "Title III" and it restricts the amount of earnings that may be garnished to 25% of disposable weekly earnings (that which is left after mandatory deductions for taxes) or the amount by which disposable earnings are greater than 30 times the minimum wage.

An employee can't be fired because of earnings subject to garnishment for one debt. However, if two or more debts become subject to garnishment, the employee can be fired.

Wage garnishment can only happen through a court judgment. This provision applies to any wage earner, including earnings from pensions or retirement programs.

There are some exceptions to Title III: child support, state and federal tax payments and bankruptcy judgments can allow for a higher percentage of earnings to be garnished. For example, a court could garnish 50% of your earnings for child support payments.

Some states have laws that differ slightly from Title III. For example, wage garnishment is prohibited in South Carolina. In Texas, wages can only be garnished for child support. Pennsylvania only allows wage garnishment for payment of child support and taxes. North Carolina permits wage garnishment only in cases involving child support, taxes and payment for medical services at a "public" hospital. California is a community property state, meaning the wages of a spouse are subject to being levied.

It is best to review the garnishment laws in your state to see whether they differ from the federal law.

Fair Credit Reporting Act

Enacted in 1970, the Fair Credit Reporting Act (FCRA) was the first federal law to regulate how your personal information is used by a private business. This act safeguards your credit by requiring consumer reporting agencies to follow certain standards. It gives you the right to a free credit report annually, protected access and accurate reporting. This act gives you the right to have inaccuracies fixed in a timely manner as well as the right to sue and seek damages for violations.

The Fair Credit Reporting Act contains three smaller acts: The Credit CARD Act, the Dodd-Frank Act and the Fair and Accurate Credit Transactions Act. These deal with the accountability of credit card companies and your rights if someone steals your identity.

Truth in Lending Act

The Truth in Lending Act (TILA) provides consumers with relief from unfair billing practices and deceptive advertising by banks and credit card companies.

TILA requires lenders to provide complete loan cost information to consumers so they can make fair comparisons when shopping for loans. The act has been amended several times, notably in 2008 when it took aim at deceptive lending and servicing practices that contributed to the real estate collapse.

A 2010 amendment granted rulemaking authority under TILA to the Consumer Financial Protection Bureau (CFPB). The CFPB promptly issued rules prohibiting mandatory arbitrations and waivers of consumer rights as well as ability-to-pay requirements for mortgage loans.

Among the key provisions of TILA is the right of rescission, which allows consumers three days to reconsider a loan and back out without losing money.

Equal Credit Opportunity Act

Enacted in 1976, the Equal Credit Opportunity Act (ECOA) prohibits creditors from discriminating based on religion, sex, race, color, marital status, national origin, age or because you receive public assistance when determining credit worthiness. Enforced by the Federal Trade Commission, this act protects you from unfairness when applying for credit.

Fair Debt Collection Practices Act

Enacted in 1977, the Fair Debt Collection Practices Act (FDCPA) concerns the way you are treated and contacted by debt collectors. It provides collection agencies with a list of rules to follow that protect you from harassment, false statements and unfair practices. For example, debt collectors can only contact you between 8 a.m. and 9 p.m. They must identify themselves as collectors and explain why they have called. They aren't allowed to contact you at work if your employer does not approve or if you request they stop contact in writing.

Electronic Fund Transfer Act

Enacted in 1978, the Electronic Fund Transfer Act (EFTA) protects you when you transfer funds electronically, whether you are using an ATM, swiping your debit card at a point-of-sale terminal or paying a bill over the telephone. This act is limited to transactions that immediately withdraw the funds from your account. The act protects you from fraud and limits your liability if your card is lost or stolen. It requires companies to disclose information regarding fees and liability regulations when they issue you cards. It also protects your right to choose a form of payment other than an electronic fund transfer.

Other Consumer Protection Laws Under the CCPA

Congress added several provisions - Title I, Title II, Title III and Title IV - to the Consumer Credit Protection Act to address specific concerns they had with lenders and offer more protection for consumers. Those additions include:

Title I Awareness of costs. This an attempt by Congress to force lenders to make consumers aware of all the costs of credit. That included meaningful disclosure of credit terms so that consumers could compare various credit terms. This was meant to protect consumers from inaccurate or unfair credit billing and credit card practices. It also was aimed at auto dealerships who provide car leases that confused consumers and resulted in far higher expenses for the consumer. It specifically mentions balloon payments and the need to be sure the consumer understood the terms and responsibilities for those.

Title II Protection from extortion. This deals with use of extortion to collect debts. The law prohibits express or implicit threat of the use of violence or other criminal means to cause harm to a person, reputation or property as a way to enforce repayment. It also forbids lending money to anyone, who would then use the money to make extortionate extensions of credit.

Title III Garnishment protection. This was another attempt to protect consumers by limiting the amount of their wages that could be garnished and protects the employee from being fired if pay is garnished for only one debt.

Title IV Protection from credit repair companies. This was added to protect consumers from credit repair organizations engaged in unfair or deceptive advertising and business practices. Congress felt that credit repair organizations caused financial hardship on consumers, especially people with limited economic means or were inexperienced in credit matter. It directs credit repair organizations to provide consumers with the information necessary to make an informed decision.

More From This Author

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Consumer Credit Protection Act - Laws Protecting Your Rights

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The Consumer Credit Protection Act (CCPA) was enacted in 1968 to help guarantee American consumers fair and honest credit practices. This federal legislation standardized practices to ensure lenders throughout the country followed the same sets of regulations. As banking and credit reporting evolved, additional laws were developed and put into place under the Consumer Credit Protection Act.

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What is credit and why important- Why is credit important

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What is credit and why important- Why is credit important? Credit is a simple analysis of how you pay your bills. It's not just if you pay them on time, but how you manage your credit.

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Will That Be Credit or Debit? NY Times Article

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Will That Be Credit or Debit? NY Times Article

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Both debit and credit cards (when used) can give their holder rewards, as well both are used to help manage money.
Debit cards deduct the money you have directly out of your bank account, meanwhile credit cards are money you take from someone else but will eventually have to pay back. As well, it is harder to exceed a money limit on a debit card considering it is your money. Meanwhile, credit cards you can eventually end up in debt because of the ability to spend as much as you want without a cut off.

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Credit cards basically allow you to use someone else's money (the card issuer's) to make a purchase while you pay the money back later. If you do so within the billing period - generally, 15 to 45 days - you can avoid paying any interest on it. The problem arises, of course, when you don't pay the balance in full and are charged interest as well. That can quickly add up. If it takes you two years to pay off a $500 balance, for example, and you're being charged 18 percent interest, you'll end up paying nearly $100 more in interest.

If you use them responsibly though, credit cards can offer other advantages. They help build your credit, as long as you pay your bills on time. Some also offer rewards that you can use to get gifts, cash back or discounts for products, services and special events. They also provide more protection if someone steals your card or bank information. If you notice a fraudulent charge on your credit card account, you can call the card issuer, make a dispute claim, and the charge should be removed from your balance. But if thieves steal your debit card information and use it, it may take weeks for the bank to investigate your claim and replace the lost funds. In the meantime, you may have to deal with a dwindling bank balance or bounced checks.

Federal law also protects you if you need to dispute charges on a credit card, but not if you use a debit card or other forms of payment. If you paid cash or used a debit card, the retailer already has your money. So you have a lot less leverage, and there's no guarantee you'll get that money back. But if you pay for something with your credit card and aren't happy with the purchase, your card issuer can legally withhold payment from the retailer until they resolve the dispute, and you won't be charged.

Let's say you've decided you want a credit card, which one should you get? The answer depends largely on whether you plan to pay off the balance each month.

If you know you'll probably carry a balance, look for a plain-vanilla card with no annual fee and the lowest annual interest rate available. (Any interest you pay on a carry-over balance will offset any perks you could get through a rewards card.) You can compare several low-interest credit cards at creditcards.com and bankrate.com, which both provide updated information on dozens of different cards. You can also apply online for cards through either site, but limit your applications to one or two to avoid hurting your credit.

Be aware that card issuers can raise your interest rate after you've gotten the card. So check your monthly statements. (You should be aware, though, that the Federal Reserve has just passed rules that will take effect in mid-2010 limiting the card issuers' ability to raise your rate, unless you're late with a payment.)

Call the card issuer if your rate has increased to try and negotiate a lower rate, or consider transferring your balance to a lower-interest card. ( Billshrink.com lets you see how much more you could earn in rewards or save with a lower interest rate if you switched to various other credit cards, based on your credit score and how much you spend each year.)

If you plan to pay your bill in full each month, seek out a card that provides rewards you actually want - whether that's cash back, frequent flier miles or points redeemable for gifts. The interest rate shouldn't matter, since you won't be carrying a balance. But look for those with no annual fee. Bankrate.com and creditcards.com also provide comparisons of cards by the types of rewards offered, among other criteria. Generally speaking, if you plan to use your card a lot, cash-back programs may be the best bet. It's easy to get the refund - either through a check or a credit on your account - and you can use that money for anything. Many large banks also offer debit cards with rewards, so it can be worth shopping around for them too. Creditcards.com also provides a comparison of different prepaid and debit cards, based on annual fees, related services and credit requirements.

For most people, using both a debit card and credit card makes sense. The key is not to spend more than you have with either. If you can do that, you'll be able to enjoy the benefits that each provide.

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Credit and Debit Cards: What You Need to Know

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Credit cards basically allow you to use someone else's money (the card issuer's) to make a purchase while you pay the money back later. If you do so within the billing period - generally, 15 to 45 days - you can avoid paying any interest on it.