New Jersey certainly still has a credit card problem. In fact, it has the second highest debt level in the nation. However, that debt has dropped quite a bit since last year, and some believe that this drop in overall debt is a direct result of the CARD Act of 2009.
The goal of this law was to deal with the liberties so many credit card companies were taking to rake in the profits while putting consumers into bankruptcy again and again. A number of sweeping reforms were made, and one of them was the establishment of the Consumer Finance Protection Bureau, or the CFPB.
The goal here was to enforce the CARD Act with the help of consumers. They take complaints from consumers and offer extensive information through their website and their phone lines to help ensure people don’t get into trouble with card companies.
This bureau is a godsend for consumers who need a bit of help understanding the complicated nature of credit card companies.
Source: http://www.app.com/article/20110920/NJOPINION02/309200087/Consumer-protection-helps-reduce-credit-card-debt
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