Just in time for Mother’s Day, the Consumer Financial Protection Bureau reversed an unpopular rule that some women’s …
Credit CARD Act of 2009
CFPB Plans to Fix “Anti-Housewife” Credit Card Law
The Credit CARD Act of 2009 ushered in a slew of new protections for credit cardholders, but it also led to some unintended consequences. One of the biggest was the clause that can be thought of as the “stay-at-home-mom penalty,” and the Consumer Financial Protection Bureau now says it’s going to fix that.
Is the CFPB Anti-Housewife? Unintended Consequences Strike Again
Credit card reform legislation has done lots of great things for consumers, like eliminating universal default and preventing card companies from jacking up interest rates just for the heck of it. But a provision intended to make sure issuers don’t let people run up more debt than they can pay off has the unintended consequence of …
Fewer Credit Cards Have Late-Payment Penalty Rates
The good news is that the number of credit card issuers who spike cardholders’ APRs if they miss a payment has fallen pretty significantly in only a year. But (there’s always a “but”) the flip side of that development is that …
With Interest Rates So Low, Why The Heck Are Credit Card APRs So High?
It doesn’t seem to make sense: The Federal Reserve just announced a plan intended to lower long-term interest rates; it’s kept short-term interest rates at historic lows, and says it will continue to do so through mid-2013. So …
Credit Card Applications More Transparent, Still Not Terrific
A study published by credit card comparison site CardHub.com last week shows that while the Credit CARD Act of 2009 has helped make the thicket of fine print and legalese somewhat easier to navigate, it’s still a jungle out there. The site’s 2011 Credit Card Application Study looked into the application materials that the 10 biggest …
