In 2009, the Credit CARD Act was passed.
Among other things, the CARD Act changes how APR can be re-priced, and requires credit card issuers to be more transparent about what fees are charged — and how long it will take for consumers to get out of debt.
Many said the effects of the CARD Act would just shift the fees credit issuers charged from one spot to another and it could even end up costing consumers more in the long run.
It turns out that, for consumers, the CARD Act has truly lowered consumer costs.
At least, that’s the assertion made by a study put out by the Consumer Financial Protection Bureau.