The CARD Act Is Benefitting Consumers
Surveys by the Consumer Financial Protection Bureau have found that the nine largest credit credit card banks representing 90% of the market have stopped hiking interest rates on customers’ existing balances, reduced penalty fees and all but eliminated overlimit charges as a result of the CARD Act enacted last year. The CARD Act was passed to prevent vulnerable consumers from paying exorbitant interest rates and fees. The Act allows banks to raise rates for new purchases and one bank periodically reviews accounts to do just that, according to the report. Five others raise rates on delinquent customers, and another bank...
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