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11/05/2011 -
According to research from the Pew Health Group, since the Credit CARD Act of 2009 was passed into law, interest rates have stayed the same while costs such as late fees and over-limit penalty payments have been reduced.Data from the study, "A New Equilibrium: After Passage of Landmark Credit Card Reform, Interest Rates and Fees Have Stabilized," revealed that the median interest rate advertised for purchases on bank credit cards held steady in 2010, and that the annual fees banks charged also stayed the same. Nick Bourke, director of Pew's Safe Credit Cards Project, said that the legislation had been effective in helping consumers.
"Pew's research shows that predictions that the legislation would spark new charges and long-term interest rate growth have not materialized," said Bourke. "Whatever increases in advertised interest rates we saw going into 2010 have not continued into 2011. The Act created a new equilibrium where interest rates have flattened, penalty charges have declined and a number of practices deemed 'unfair or deceptive' have disappeared. "
While many penalties have been decreased or eliminated, some in the payment processing industry are planning to increase how much they make card holders pay for late fees. The Charlotte Observer reports that Bank of America has started alerting customers that they could charge them a 30 percent penalty rate for future balances.
