The CARD Act finally goes into effect on February 22nd. The CARD Act was pushed through Congress to put limits, and controls on credit card companies in order to protect the user (aka – you). Many of the worst practices that credit card companies use (double interest billing, raising limits on current balances, moving due dates) will be prohibited under the law. Bill Shrink has a great graphic that shows how the major companies are complying with the new laws, and also a great summary of the major effects of the law. The FTC could put additional laws in place come this summer, but we’ll have to wait and see.
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