What The New Financial Reform Deal Means For You

altSince the brink of the Great Recession, the whole world’s been pointing fingers at Wall Street regulations, or the lack thereof. Today, after a long haul, a team of congressional lawmakers has finally put together a list of changes.

There’s a ton of complex reform details, but what does “the most sweeping overhaul of U.S. financial regulation since the Great Depression” (thank you, Bloomberg Businessweek) mean for us? We thought The New York Times had a great account of how these reforms are going to impact your wallet (and ours, too) if Congress votes to accept the changes.

We’ve outlined a few the major takeaways here. But check out The Times piece for more.

Credit Scores.

If a landlord refuses to rent you an apartment for reasons related to your credit score, the reform states that the company will be required to give you your credit score and information that led them to make that decision. But be aware, you can always check your score for free at Credit Karma! If you haven’t been clued-in on why credit reports and your credit score are important, head to our checklist. We think it is one of the five things you need to have or know “whether you’re 18 or 40.”

Mortgages.

New protections are in order here. To remove the incentives for lenders to push high-interest loans on borrowers, brokers will no longer earn bonuses based on the loans taken.

Cash vs. Cards.

We don’t recommend keeping too much cash on you at any time (both as a safety and preventative spending measure, of course). We like to keep about $40 in our wallets. This should be especially useful since certain merchants can offer discounts for using cash instead of credit.

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Follow Elizabeth Jacobs on Twitter @nylizard1! Follow LearnVest on Twitter @LearnVest!

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