WeGiveCash Tackles the Potential Benefits of Cash Advances in a Tougher Regulated Credit Card Market
As Credit Card Companies Fall Under Presidential Scrutiny, WeGiveCash lends their expert opinion as to why cash advances are becoming more popular. Some Americans are wondering how much these new credit card changes will affect them in acquiring more credit. As this occurs, cash advances are becoming a consideration for times of financial emergency and relief.
Delray Beach, FL (PRWEB) May 25, 2009 -- President Obama signed into law a bill that will both prevent credit card companies from capriciously raising their customer's interest rates, and limit the unnecessary fees that they charge. However, this new bill will in turn restrict available credit for consumers and WeGiveCash sees this as a beneficial opportunity for Americans to acquire cash advances as a great alternative.
The good news is that credit card companies can no longer hide behind their tricky fine print, sudden rate increases and late fees that are literally stealing from millions of consumers. On cards with more than one interest rate, the issuers will now have to apply payments to the debts with the highest rates first, and before increasing rates on future purchases, the card company will now have to give cardholders a 45-day notice. This bill provides much stronger consumer protection than the previous regulations passed by the Federal Reserve back in December of 2008, under President Bush's term.
The down side is that credit card executives have said that these changes may prevent them from properly showing differences between risky and non-risky borrowers, which would force them to charge everyone even higher rates and annual fees across the board. Credit cards often serve as a vital source of cash for individuals and small businesses alike, and since almost 80 percent of Americans have a credit card, the large majority of these holders may also be declined for future credit, or may have to accept huge annual fees - which have not been popular for a long time.
Many will be asking themselves, 'Where will I now get credit when I need it the most?" Lilly Parkson, spokesperson for WeGiveCash.com states that short-term cash advances can help millions of Americans, as they continue to do so each and every day, despite what the rest of the lending world is doing at the time.
Cash Advances are small, short-term loans that are intended to cover a borrower's expenses until his or her next payday. These loans are usually between $100 and $1500, and are typically due in two weeks. Many people, from all walks of life, are as of recently choosing cash advances because they are quick, easy and upfront in their practices, especially when compared to a typical credit card application, which has tons of fine print and much longer processing times (cash advances can be approved in minutes, and much needed money can be in a borrower's account within 24 hours). Consumers are also using paycheck advances to avoid late-payment penalties, as well as negative marks on their credit ratings. This is why cash advances are a great alternative to credit cards.
To find out how to secure cash while the credit card companies are declining most applications, please visit WeGiveCash.com. Our application process is fast, simple and safe.
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