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Simple English definitions for legal terms
Credit CARD Act
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A quick definition of Credit CARD Act:
The Credit CARD Act is a law that was passed in 2009 to make credit cards fairer and easier to understand for people who use them. It helps protect consumers from hidden fees and unexpected rate increases, and requires credit card companies to be more transparent about their terms and conditions. Overall, the Credit CARD Act aims to make credit cards more honest and straightforward for everyone.
A more thorough explanation:
The Credit CARD Act of 2009 is a law that was passed to protect consumers from unfair practices by credit card companies. The law requires credit card companies to be more transparent about their fees and interest rates, and to give consumers more time to pay their bills.
For example, before the Credit CARD Act, credit card companies could raise interest rates on existing balances without warning. Now, they must give consumers 45 days' notice before raising rates. The law also limits the fees that credit card companies can charge, such as late fees and over-limit fees.
The Credit CARD Act has helped to make credit card companies more accountable to their customers and has given consumers more control over their credit card debt.
Credit Card Accountability Responsibility and Disclosure Act of 2009 | credit card fraud