The Credit CARD Act Works: Fees & Penalties Fall for Low- and Middle Income Households

The Credit CARD Act Works: Fees & Penalties Fall for Low- and Middle Income Households

Among low- and middle-income families with credit card debt:

  • One-third said they are paying down balances faster in response to new requirements for clarity and disclosure on monthly billing statements.
  • Between 2008 (before the CARD Act went into effect) and 2012 (when the law was in full swing), the number of households paying late fees dropped by half to 28 percent, and 24 percent fewer households reported interest rates increasing as a result of a late payment.
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