May 29th, 2010 
redsplanet When a home emergency strikes, Cash-strapped consumers look for either a payday loan or a credit card to help get them out of a bind. Both industries are expanding as the economy recovers, with some needed benefits for people experiencing shortfalls in cash. Credit card offers, for instance, have increased almost 30% this first quarter when compared to the same period the year before. This is good news for borrowers who need a source of credit for emergencies.
Better Benefits Also
New card offers going out also have substantially better benefits. Some offer an introductory rate that is low and appealing for up to a year. Many don’t have annual fees, and those that do offer additional rewards programs. Whatever offer you receive in the mail be sure to read the terms of the agreement to see what the interest rate and annual fee are for that particular credit card.
Bad News on Balance Transfers
Banks are looking for consumers with good credit histories and do want to start lending again. However, if you’re looking to transfer a balance, the news isn’t all rosy. You will most likely have to pay a balance transfer fee and you will not have the same great rate offers for that balance transfer. This can make it hard for people stuck with high finance charge cards to get out of debt by opting for a new card.
Consumers are More Protected
With the passage of the Credit Card Responsibility and Disclosure Act the consumer won’t be subject to many of the more grievous practices they contended with in the past. They will no longer be subject to universal default policies and rate increases only after a few short days late. If you’re in the market for a credit card, now is the time to take a look in your mailbox and see what’s out there. It’s a great way to establish a credit history, have a way to pay for unforeseen expenses, and keep your financial house in order.
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