Submitted by Jake Blumgart on February 1, 2011 - 12:26pm
Date Published:
Tue, 02/01/2011
The Consumer Financial Protection Bureau. February 2011.
“CARD Act Factsheet” marks the one year anniversary of the CARD Act's passage. A fact sheet from the Consumer Financial Protection Bureau, the agency that will eventually oversee the CARD Act.
This document meticulously describes what the act did and what the effects were one year later. Benefits include six of the nine largest credit card companies no longer charge over-the-limit fees, the practice of hiking interest rates on existing accounts has been virtually eliminated, the abusive issuance of late fees has declined dramatically and 80 percent of credit card holders have noticed that their monthly billing statement is now due on the same day every month.
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