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Has A Government Law Actually Worked to Help Ordinary Americans?

by | Jan 7, 2014 | Credit Card Debt, Credit Score

Indeed.  In 2009, Congress passes the Credit Card Accountability Responsibility and Disclosure Act (CARD) that was supposed to hinder hidden fees.

The University of Chicago’s Booth School of Business decided to find out whether or not the CARD Act actually worked. The New York Times reported on that research, which found that–contrary to popular opinion and hypothesis–the CARD Act actually cut down on the costs of credit cards, particularly for borrowers with poor credit.

This conclusion is eye-opening because many academics believed that regulating consumer financial products could not actually help or “work”. The leader of the research team stated: “Looking at the data forced us to rethink our understanding of the effects of regulating consumer financial products.”

Read more here: https://www.nytimes.com/2013/11/08/business/economy/a-credit-card-rule-that-worked-for-consumers.html

If you are still struggling under the weight of too many credit cards with high balances and interest rates, contact an attorney who can work to settle those debts on your behalf.

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Kevin Fallon McCarthy

Kevin Fallon McCarthy is the McCarthy Law PLC’s managing attorney and an experienced Phoenix debt attorney. Mr. McCarthy has also worked as general counsel for a large corporation. He has corporate counsel experience in human resource matters, general corporate governance, and union class action litigation.