Credit Card Law Will End No Payment Incentives
A new credit card law will soon put an end to some popular purchase incentives in an attempt to protect consumers. One of those is the no payment, no interest program often used to buy furniture and appliances. Customers are flocking to Art Van stores to take advantage of the offer while it lasts. Art Van will stop offering the payment option after February 10th. A spokesman for the store says they'll be sad to see the popular incentive go, but doesn't think sales will take too much of a hit. They say people are more debt conscious since the recession hit, and actually want monthly payments. Financial experts aren't convinced the reform will keep people from buying things they can't afford, but believe it does have good intentions. The reform will also keep credit card companies from soliciting people under 21, and will force them to make your statements more readable. It goes into effect February 22, 2010. Erika Waddell and photojournalist Justin DePrekel have the story.