The Credit Card Act of 2009:
A) has reduced the cost of credit cards.
B) has been mostly beneficial to consumers.
C) has provided universal opportunity for rate increases.
D) has provided availability of cards to young people.

Question

Quizplus · Accepted Answer

The Credit Card Act of 2009 has been mostly beneficial to consumers as it has introduced several protections such as restrictions on certain fees and interest rate increases, improved disclosure of terms, and required more time for consumers to make payments. While it has not necessarily reduced the cost of credit cards, it has made it more transparent and fair for consumers. It has also not provided universal opportunity for rate increases, as credit card issuers must follow certain guidelines before increasing rates. Lastly, it has not provided availability of cards to young people, as it introduced stricter rules for issuing credit cards to those under the age of 21.