What is the Credit Card Accountability Responsibility and Disclosure Act of 2009?

The Credit Card Accountability Responsibility and Disclosure Act of 2009 (also known as the Credit CARD Act of 2009) is a federal law that provides protection for consumers in the United States from unfair credit card practices. The law was passed by the U.S. Congress and signed into law by President Barack Obama in 2009. The main purpose of the Credit CARD Act of 2009 is to ensure that consumers are given greater protection from the unfair and questionable practices of credit card issuers and banks. The law also requires that banks must provide detailed information about credit card fees and interest rates so that consumers can make informed decisions about their financial decisions. Some of the key provisions of the law include: limiting the ability of credit card companies to increase interest rates on existing balances, preventing banks from charging unfair fees such as late fees, over-the-limit fees, and foreign transaction fees, making it easier for consumers to understand the terms of their credit cards, and banning certain risky practices from the credit card industry, such as collecting payments from the highest rate card first and charging an "inactivity fee" for consumers who do not use a card. The Credit CARD Act of 2009 has been effective in reducing the fees and interest rates being charged by credit card companies and protecting consumers from unfair practices. The law is enforced across Wisconsin and provides consumers with greater financial protection when using credit cards.

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What is the Credit Card Accountability Responsibility and Disclosure Act of 2009?

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