Tips, News and Advice from Credit Card Assist

Pew Study Finds CARD Act Of 2009 Effective

by on May 31, 2011

Post image for Pew Study Finds CARD Act Of 2009 Effective

Credit card holders are now enjoying the fruits of the Credit CARD Act of 2009, according to the findings of recent study conducted by the Pew Health Group’s Safe Credit Card Project. The study was carried out in March 2010 and January 2011 to evaluate how effective the Credit CARD Act of 2009 has been relative to consumers.

Data from the study indicates increased disclosure of interest rates and cash advance rate and declining over-limit penalties and late fees charged by banks has improved the bottom-line for cardholders. If you own a small business credit card, however, don’t be surprised if your penalties, fees and interest rates are significantly higher though. Small business credit cards were excluded from the Credit CARD Act legislation.

Nick Bourke, director of Pew’s Safe Credit Cards Project, said “Pew’s research shows that predictions that the legislation would spark new charges and long-term interest rate growth have not materialized. Whatever increases in advertised interest rates we saw going into 2010 have not continued into 2011. The Act created a new equilibrium where interest rates have flattened, penalty charges have declined and a number of practices deemed ‘unfair or deceptive’ have disappeared.”

Sourcehttp://www.consumeraffairs.com/news04/2011/05/credit-card-act-doing-its-job-study-finds.html

Image Credit:
http://farm4.static.flickr.com/3662/3526045520_7ec432bdae_m.jpg
Be Sociable, Share!
This content is not provided or commissioned by the company whose products are featured on this site. Any opinions, analyses, reviews or evaluations provided here are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by the Advertiser. This site may be compensated through the Advertiser's affiliate programs.

Leave a Comment

Previous post:

Next post: