Will the Credit CARD Act Hurt Credit Scores

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

Category:

Education

Tags:

• Credit
• Card
• Accountability
• Responsibility
• and
• Disclosure
• Act
• of
• 2009
• CARD

[budb11]

Congress allowed 9 months for this new law to take effect because the credit card issuers needed time to change their infrastructure. Nonsense. The credit card companies wasted no time in raising interest rates and lowering credit limits. The US Congress is owned by the banksters and it's clearly reflected in how they gave banksters time to raise rates rates, come up with new fees, and lower credit limits. Wake up and vote these corrupt politicians out of office.