On May 22, 2009, President Obama signed into law a package of changes and limitations to curb ever-increasing credit card interest rates and fees. Unfortunately, that credit card legislation will come too late to help many consumers suffering today.
The effective date of the Credit CARD Act of 2009 was set for February 22, 2010. Why this was scheduled so far out puzzles me. Perhaps the intent was to allow banks and credit card issuers to prepare for the changes the legislation required. Instead, the opposite happened.
