Credit Card Law – What the New Rules Mean

In May of 2009, Congress passed a new credit card law called the “Credit Card Accountability Responsibility and Disclosure Act of 2009.”

It is called the “Credit CARD Act” for short. (Politicians just love acronyms, don’t they?)

While some of the provisions of the law went into affect last summer, most of them go into effect February 22, 2010.

If you want to learn about the new credit card law in some detail, you can read this write-up by the FDIC.

But I found the infographic below to be much more fun and enlightening. It is the most beautifully executed explanation of the Credit CARD Act I’ve seen. It shows:

  • The severity of the credit card and debt problem in America.
  • A few of the good things the new credit card law does.
  • Plus, the sneaky practices the new law does NOT prohibit. (The credit card companies can still get away with a few shenanigans.)

I encourage you to click the infographic below. This will take you to the original blog post where you will want to click the same infographic and scroll through it. Takes about 2 minutes.

Credit Card Law - Debt Is Crushing Americans

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