Well, well, well, what do you know…
A year after tighter credit card regulations took effect, an advocacy group study concludes that they succeeded in making banks come clean about how much consumers actually pay to use cards.
The Center for Responsible Lending study examined the effect of the Credit Card Act of 2009, which the industry had predicted would result in higher card interest rates. It said that, after adjusting for the effect of the troubled economy on card issuers, “actual prices [for credit card use] have remained stable and available credit has not tightened beyond what would be expected.”
The law stemmed from complaints that consumers had been misled for years into thinking they would pay less for credit card debt than was true. It imposed the greatest changes in three decades on the credit card industry, including tougher restrictions on interest rate hikes and late fees.