Would it Hurt More Than Help?

Although many people would love to have the official date of the Credit Card Accountability Responsibility and Disclosure Act (CARD) implemented earlier, one can only question if this move would actually hurt the American consumer more than it would help.

This comes at a time when Federal Reserve Chairman Ben S. Bernanke as finally weighed his opinion on the movement of the CARD Act implementation date. In a letter to Congress, Bernanke states that the move could potentially cause more harm than good. In his opinion credit card issuers must be given enough time for implementation to allow for an organized switch. If issuers are not given this amount of time there would be a chance of the change leading to unintended consequences.

As a cardholder, we very well know the "unintended consequences" that can occur. During the early stages, way before the bill was signed into law; issuers warned member of Congress that any changes to the way they do business will have a major impact on the consumer. Since the passing of the bill issuers have fulfilled their promises and cardholders have seen dramatic increases to their interest rates, decreases to their credit limits, higher annual fees as well as unforeseen account closures.

Do you believe that an earlier CARD Act implementation date will be better or worse for the American cardholder? Let me know as I would like to hear your opinion.