Phase II of New C.A.R.D. Act
March 13, 2010 by Marcy Einhorn, Esq.
New credit card reforms intended to level the playing field for consumers kicked into effect on February 22, 2010. With new limits on interest-rate hikes and prohibitions against “universal default,” protections for young consumers, and new disclosure requirements, the Credit Card Accountability, Responsibility, and Disclosure Act, P.L. 111-24. or the C.A.R.D. Act, as it is commonly known, is designed to drastically cut into the $7.5 billion dollars that the six largest credit card...
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