The Credit CARD Act…..Sooner or Later?
| September 24, 2009 |
Whether it is out of true concern or politics, it now seems that some members in Congress want to speed up the start date for the Credit Card Accountability Responsibility and Disclosure Act also known as the CARD Act of 2009. According to an article in the Wall Street Journal entitled, "Congress Seeks Faster Implementation of New Credit-Card Rules" two Congressmen are looking to petition lawmakers to begin implementing the new rules in December 2009 instead of February 2010.
Even with such a move to accelerate the start date for the CARD Act, it would be seen by many Americans as something that is too little too late. Since signed into law, issuers have spared few as notices were delivered to cardholders letting them know of major changes to their terms of agreement.
Experts believe that moving the date forward will do nothing more that hurt credit cardholders more as this could potentially cause issuers to do more of the same at an increased pace. Some even believe that this move would just increase the cost of credit and reduce access at a time when the economy, consumers and small businesses can least afford it.
Only time will tell whether the date gets moved and how credit card issuers will react, but if history is a great teacher, many Americans should be ready this time knowing what will probably end up in their mailboxes soon after.
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