Indeed. In 2009, Congress passes the Credit Card Accountability Responsibility and Disclosure Act (CARD) that was supposed to hinder hidden fees.
The University of Chicago’s Booth School of Business decided to find out whether or not the CARD Act actually worked. The New York Times reported on that research, which found that–contrary to popular opinion and hypothesis–the CARD Act actually cut down on the costs of credit cards, particularly for borrowers with poor credit.
This conclusion is eye-opening because many academics believed that regulating consumer financial products could not actually help or “work”. The leader of the research team stated: “Looking at the data forced us to rethink our understanding of the effects of regulating consumer financial products.”
If you are still struggling under the weight of too many credit cards with high balances and interest rates, contact an attorney who can work to settle those debts on your behalf.
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