The Credit Card Accountability, Responsibility and Disclosure Act of 2009 allows credit card issuers to raise interest rates when a borrower is more than 45 days late in making required payments.

Question

Quizplus · Accepted Answer

The Credit Card Accountability, Responsibility and Disclosure Act of 2009 requires issuers to provide a 45-day notice before increasing interest rates, but it does not specifically allow rate increases for being more than 45 days late.