The Credit CARD Act of 2009
The Credit Card Accountability Responsibility and Disclosure (CARD) Act was signed into law to eliminate predatory lending practices.
1. Positive Impacts for Consumers
Key protections include banning retroactive interest rate spikes and requiring clear disclosures on monthly statements showing payoff timelines.
2. Potential Drawbacks & Fee Hikes
In response to legislation, major banks increased initial APR interest rates and reduced credit limits across existing credit lines.
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Loretta Kilday
Debt Relief Specialist & Spokesperson, DebtCC
Loretta Kilday, Esq., is an accomplished litigator and transactional attorney with more than 30 years of experience across debt collection, bankruptcy, and related matters. DebtConsolidationCare features her as its spokesperson and public voice. She earned her J.D. from DePaul University College of Law and a B.S. in Finance from DePaul University.