The Balanced Spreadsheet-Financial News, Budget Advice, Debt help, Financial Tips, and other advice

February 22, 2010

Impact of the Credit CARD Act of 2009

The new credit card laws that are a result of the Credit CARD Act of 2009 went into effect today.  If you have read this blog for any length of time you know that I do not use credit cards so there will not be any change for me, but I am interested in how these changes will impact the consumer.  As with all new legislation there are opinions on who will actually benefits from these changes and who will suffer.  Below are a few articles that I have read that address some of the changes.

Cash Commons provides a list of all the major changes going into effect.

The Christian Science Monitor describes the ways consumers will benefit from the new legislation.

The Cleveland Plain Dealer has opinions on how this will impact the credit card industry.

Michelle Singletary from the Washington Post warns of how the banks will use loopholes in the new law.

Finally, CNN Money has an editorial questioning if there is a double standard as the Credit CARD Act of 2009 only covers consumer credit cards and not business credit cards. 

Whichever ways you slice it up, changes are coming for credit cards.  Feel free to post any changes you have received from you credit card in the comment section.



  1. interesting information. thanks for the info you have to say. it can make learning a new day for me.

    Comment by j4p3methe — February 22, 2010 @ 8:12 pm

  2. The WP has it exactly right – the loopholes in the new law are big enough to drive a bus through and will be well exploited by the very “bully” the law seeks to get under control. IMO, the practices the new law seeks to address are null & voided by the loopholes. So CARD was essentially a completely useless law since the loopholes void any benefits to the consumer. The best bet is to cut up the credit cards from the “too big to fail” banks such as Citi, et al., remove your money from those same banks, and bank with credit unions and smaller community banks. Screw Goldman Sachs, et al. See also moveyourmoney dot info

    Comment by Peyton Farquhar — February 22, 2010 @ 8:41 pm

    • Peyton, I agree with you on the Big Banks, right now they are a complete mess. They have forgotten how to serve the customer and finally a growing backlash against them. I know I personally do not use them and I believe in about 5-10 years the era of the “Mega-Banks” will be over.

      Comment by thebalancedspreadsheet — February 26, 2010 @ 3:02 pm

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