Essential Functions of Credit Card Accountability Responsibility and Disclosure Act
The government enacted this law to protect its citizens from any malpractices of credit card companies. The law protects the customers in several ways.
Before the introduction of this law, credit card companies could increase interest rates on their will. They also did not inform their customers regarding this, and because of this, the customer has to face difficulties. Previously, they could increase the interest rate on past as well as future payments. After this law, the government limited the increase in the interest rate that a company can charge to their customers.
Credit card companies charge various fees that are unjust. Customers have to pay these fees because they do not have an option. After the enactment of the new law, the government made strict laws for it. They fixed a limit on the fees imposed by the companies, and the charge must be in proportion to the amount. The new law ended the concept of over the limit fees.
The new law also made several rules that help the customers in managing their accounts. It sets a date for the payment of dues and provides a minimum of 21 days to settle the amount without any fine.
Limitations of the Credit Card Accountability Responsibility and Disclosure Act
The government protected the consumers from the decisive actions of credit card companies by enacting this law. However, there are some limitations. Some of these limitations are as follows:
The law did not make any rules regarding the capping of interest rates. Due to this, a creditor can charge any amount of interest rates from the customers.
The new law has limited the powers of a company regarding making any increase in the interest rates. However, there are several ways in which a company can increase the interest rates after following the law. There is a limit on the period in which one can settle the payment, and if one exceeds the limit, the credit card company can charge a higher interest.
The protection provided by this new law is only applicable to the customer who owns a credit card, and not to the company that possesses it. The business associations demand the same protection from the government for a very long period. Their demand is also valid if the government changes the rules for the consumers because they are invalid, so it is their responsibility to change it for them too.
Protections to Students under Credit Card Accountability Responsibility and Disclosure Act
There are numerous occasions in which a student has much debt because of the credit card. The credit card companies install their stalls in the colleges to offer credit cards to the students. They also provide them some products to attract them to apply for the card. Once a student gets a card, they have to pay a certain sum of interest on it. College students often tend to spend more money, and if they have a credit card, they will spend money without thinking. Credit card companies take advantage of these things and levy more interest on them.
The government stops all these activities by enacting this act. After this, credit card companies can only issue a credit card to a person of more than twenty-one years. These people can apply for a credit card if they have an adult co-signer who agrees to pay the debt.
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