In an effort to address arbitrary credit rate increases and excessive fees within the credit card industry, the Credit Card Accountability Responsibility and Disclosure Act of 2009 became law in Ma...
In an effort to address arbitrary credit rate increases and excessive fees within the credit card industry, the Credit Card Accountability Responsibility and Disclosure Act of 2009 became law in May. While some of the provisions are scheduled to take effect in February 2010, a few measures have already begun. The Acts changes pose challenges for credit card companies, who are naturally looking to maximize their profitability. In response, many card issuers have begun phasing out fixed interest rates, while others are simply raising rates for a larger percentage of their customers than they would ordinarily.
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