CreditCardReform

The New Credit Card Law: Feel-Good Changes, but Not Much Reform

The president has high hopes for the Credit Card Accountability, Responsibility and Disclosure Act -- the Credit CARD Act -- which took effect on Monday. The Federal Deposit Insurance Corp. calls it the most comprehensive reform in this area since the Truth in Lending Act was enacted in 1968. But it has plenty of shortcomings, too. The new rules mean that credit card companies cannot "retroactively increase rates or increase rates in the first year you open an account, charge misleading late fees or use over-limit fee traps," said President Obama in a statement. The president reminded ...

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