Fight Back Against Unfair Debt Collection Practices: Know Your Rights and Protect Yourself from Threats, Lies, and Intimidation

19. Solutions

In the time since I worked in collections, a sweeping overhaul of credit card practices has taken place. The Credit Card Accountability, Responsibility, and Disclosure Act—or Credit CARD Act, for short—was signed in the spring of 2009, with its main provisions taking effect the following year. Among the law’s several provisions, two will do the most to reduce costs for consumers. The act limits the imposition of overlimit fees, and it forbids retroactive interest-rate hikes on a balance in good standing. Credit card companies still deserve to turn a profit, President Barack Obama said at the signing ceremony. “We just want to make sure that they do so while upholding basic standards of fairness, transparency, and accountability.” ...