The Credit CARD Act – What It Means For Consumers
Sunday, December 27th, 2009The Credit CARD Act of 2009 was enacted to reform how credit cards work. Dubbed the Credit Card Bill of Rights, it bans universal default rates, curbs fees, limits penalties, and much more.
On May 22, 2009, President Obama signed the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009. This new law was established to protect consumers, and especially young consumers, from skyrocketing credit card debt, unfair credit card practices, and deceptive credit offers.
Most aspects of the Credit CARD Act will be effective on February 22, 2010, nine months after it was signed into law. However, two provisions became effective on August 20, 2009. T