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An increasing amount of people are having difficulty in getting approved for their credit card applications. No, it isn¡¯t only because worsening credit score that more and more are getting, but rather, because of the new credit laws which are scheduled to be implemented in the early months of 2010. In the attempt to repair the financial sector and help the economy recover, banking laws are now trying to get rid of NINJA loans (No Income, No Jobs, No Assets) and create more stringent processes for people who wish to acquire loans and financing.

Now, all credit card companies need to assess applicants through their free credit report and they are also required to submit proof of income and a guarantor before their application is approved. What does this mean for you as a consumer? Well, first, these credit laws are meant to protect you and have included new provisions that credit companies have to follow before a lawsuit against you is filed. Also, these laws have enhanced your rights as a consumer making it easy for you to dispute erroneous entries on your free credit report.

On the down side, people who have are short on cash cannot seek relief from their credit cards. Of course, if your income is not enough for you and your family, then you can¡¯t expect to use a credit card to pay for your other necessities. This means you will have to learn how live within your means ¨C which I believe is all the more important in these pressing times. What does this mean for the economy at large? Well, expert opinions vary. Since it is still in its initial period, no one really knows what might happen. Some experts agree that this can help the country since there are lesser people using credit who actually unable to pay. Other also say that this can harm the economy because the buying power of the population will decrease.

Personally, I don¡¯t think that this will cause a real problem with the economy. Business may not thrive as much as it did before because people will be wiser in spending. This can in fact create new businesses which will cater to addressing the actual needs of the people.