Feb 202010
There are changes on the horizon in the credit card world, presumably to help consumers from getting gouged from the credit card companies. The Credit Card Accountability, Responsibility and Disclosure Act of 2009 is designed to lower unfair fees and reduce overly high interest rates as well as eliminate other questionable policies.
There are, however, several loopholes that the credit card companies can use to sidestep some of these new regulations and consumers should be aware of them.
This article in the Washington Post covers a few of these and is worth the time to read. The author mentions ways in which the companies can still charge high rates as well as unnecessary fees.
