More Information Required to Get a New Credit Card in United States

Photo by k9ine in Flickr.com

“It’s about time,” as I should say.

Washington Business Journal recently reported that under the new reforms of the Federal Reserve, consumers will have to provide more personal information, such as shoppers’ income and the ability to pay, before stores who normally give away credit cards on whim grants the approval. This takes effect on February 22 this year.

A funny thing – the National Retail Federation opposes the move.

Source: Washington Business Journal