Obama makes statement on CARD Act Implementation

The White House Office of the Press Secretary has released a statement made by President Obama on August 23, 2010 explaining the Credit Card Accountability, Responsibility and Disclosure Act.

Obama stated that, “As of today, consumers will be protected against unreasonable fees and penalties for late payments, as well as unfair practices involving gift cards.”

Obama also included that, “This law will also make the terms of credit cards more understandable and puts a stop to hidden over-the-limit fees and other practices designed to trap consumers.”

The CARD Act stops companies from increasing their rates within the first year an account is opened.