Fairfax, VA - September 15, 2009 — The tight credit market combined with the Credit Card Accountability Responsibility and Disclosure Act of 2009 has meant many new changes to credit cardholder agreements by credit card issuers. The Association of Independent Consumer Credit Counseling Agencies (AICCCA) urges consumers to carefully review their credit card accounts and make the necessary adjustments in spending to pay down high credit card balances now. The first of the new provisions in the Act went into effect on May 22, 2009 and the remaining provisions will become effective in February of 2010.

"Any change in cardholder agreements for consumers with high balances could mean immediate financial hardship," said Dave Jones, president, AICCCA. "Consumers would be wise to make the necessary sacrifices in spending to get those high balances down as quickly as possible."

New changes card issuers are making to cardholder agreements include raising the percentage of the balance carried due for minimum payment calculations to five percent of the balance, moving from a fixed interest rate to a variable interest rate, decreasing credit limits, ending or revising rewards programs, closing inactive accounts and increasing fees for balance transfers, etc.

• Contact your card issuer immediately if you receive notification of changes in your cardholder agreement that would cause you to be unable to make your minimum payment. Review your options with the issuer and determine what actions need to happen to assure you can meet your obligation.
  
  
• Seek help early if you know you will be late making payments or unable to make full payments on your credit card accounts.
  
  
• Stop adding to card balances now. Delay making purchases with credit until you know if you will be affected by any cardholder agreement changes.
  
  
• Commit to paying down high card balances as quickly as possible. The best way to assure you will not be negatively affected by revisions to your credit card accounts is to pay off your balances.