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20/06/2011 -
A new report from the Center for Responsible Lending revealed that since the passage of the Credit Card Act in 2009, credit card consumers have not had any more difficulty obtaining credit and have benefited from clearer language.The report, Credit Card Clarity: CARD Act Reform Works, took issue with many claims by the payment processing industry, which contended that the new regulations would negatively effect customers.
"Contrary to credit card industry claims, the new rules have not caused prices to increase or access to credit to fall," the group said in its report. "Instead, they have benefited the public by making credit card pricing significantly more transparent. Price transparency is likely to lower costs long term by spurring competition and making it harder for issuers to manipulate or arbitrarily raise prices."
According to other recent studies, the legislation has helped improve the environment for the credit card consumer. A survey by Bankrate revealed that in 2011, 79 percent of cards had no over-limit fee, compared to 60 percent the year before.
