Credit Card Accountability Responsibility and Disclosure (CARD) Act of 2009
It can be difficult to think of an issue that touches more people, or can get a rise out of more people, than credit card fine print, fees, and staggering interest rate hikes. For some it is an irritation, for others who may have already hit a rough patch, it can become a brutal weight.
But as the legislation the President signed today goes into effect, those problems will phase out as normal parts of life for our friends, our neighbors, our families or ourselves. It is a sweeping bill — as you read through the White House fact sheet on the details, you are sure to be reminded of a dozen angry or frustrated stories you have heard over the years. Just for starters, it bans unfair rate increases, prevents unfair fee traps, requires plain language in plain sight for disclosures, increases accountability all around, and institutes protections for students and young people.
