New Credit Card Law

On May 22, the Credit Card Accountability, Responsibility and Disclosure, or Credit CARD Act of 2009 was made into a law. In this article, let’s discuss the advantages that you can enjoy from the changes brought about by the New Credit Card Law.

No sudden rate increases. Gone are the days when Issuers can increase the current rate to penalize cardholders who fall behind their payments. Issuers cannot impose the Universal Default Clause.

Laws are usually created for the protection of people and their interest. Through laws and policies we are able to know our rights and privileges. We also achieve a feeling of security knowing that a government agency looks after us and regulates the activities of the systems that surround us. An excellent example of a…