Credit Card late fees fall as new Regulations take effect
The Credit Card Accountability, Responsibility and Disclosure Act (CARD act) is coming into effect and credit card late fees are falling. Late fee totals are down 50% from just a year ago. (almost $500 million) Also, there is a new Consumer agency Bureau that will help regulate the consumer industry.
The Federal Act provides several new safeguards to protect consumers against card issuers hiking rates, penalty/ late fees, penalties exceeding their credit limits, etc. A meeting based on this data is set to happen very soon.
There may be more significant facts revealed after this meeting and how the new laws are impacting the consumer industry as a whole.
To learn more about this article, please visit Fewer credit card rate hikes after regulations.
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