According to a report from the Consumer Financial Protection Bureau, the total cost of credit fell 2% from 2008 to 2012, after the 2009 Credit Card Accountability Responsibility and Disclosure Act. The report notes that cardholders paid less in late fees and for exceeding credit limits. But some officials point to downsides of the CARD Act. "[I]t also restricted this essential form of credit to consumers who needed to make ends meet in these tough economic times," said Richard Hunt, CBA president and chief executive.

Related Summaries