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Credit Card Reform Takes Effect Today

February 22, 2010 - by Donny Shaw

The Credit CARD Act, one of President Obama and the 111th Democrats's most substantial pieces of regulatory reform legislation so far, goes into effect today. Essentially, the bill tamps down on the most abusive practice's of credit card companies by either banning them outright or setting new rules regarding timeliness and fairness of disclosure. For example, credit card companies can no longer hike interest rates retroactively, to previously existing balances, but they can still increase cur...

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