On May 22, 2009 President Obama signed into law the Credit Card Accountability, Responsibility and Disclosure Act of 2009 (Credit CARD Act). The law contains the most sweeping reforms on credit card practices in decades. From the politicians that wrote and voted for the law to consumer advocacy groups, everyone is celebrating the passage of the law as a hands-down victory for the American consumer.

However, the implications are profound, complicated and have not been adequately explored. In fact, the reactions by the card issuers will likely have unintended consequences, negatively impacting consumers.

We’ll discuss the full implications of new restrictions on credit card pricing, interest rate calculations, fees, credit limits, cards for college students, and required disclosures.

Want to learn more? Check back every couple of days and read our posts as we dissect, interpret and discuss the likely impact of each aspect of the new law. Or, visit our Credit Blog now to subscribe to our RSS feed in order to receive our thoughts as they are posted.

As always, feel free to contact us if you have specific questions about the law.

Labels: Credit Card, Credit Card Law