The CARD Act is a federal law that many of our readers may not be familiar with, although previous posts here have discussed some of the more important aspects of the law. However, even if Escondido residents have never heard of this law, they may have seen some of the changes that were implemented by this law when they open their credit card bills every month.
One of the most important aspects of the CARD Act was to make credit card bills easier to read and understand. The CARD Act also placed certain restrictions on credit card companies, including restrictions aimed at interest rates and late charges. However, the CARD Act is now seven years old, having been passed into law in 2009. With plenty of time to assess the impact of the requirements under the CARD Act, will creditors begin to push for changes to this federal law?
One professional association, the Association of Credit and Collection Professionals, believes that changes to the CARD Act may be needed because, it their view, consumer demand for credit remains high. However, the problem with this stance is that the changes in the CARD Act were meant to protect consumers from the credit card companies and, hopefully, help consumers avoid unnecessarily high credit card debt. There is no telling whether or not federal legislators would be open to making changes to the law, especially if the proposed changes come from the creditors, not the consumers.
Escondido residents who use credit cards will always have to be mindful of using them properly. However, those who already find themselves with a poor credit card situation may still have options -- namely, filing for bankruptcy.
Source: ACA International, "Study: Credit Demand Remains High in the U.S.," April 28, 2016