“The CARD Act has been hugely successful in banning the biggest unfair credit card gotchas like retroactive interest rate hikes and excessive penalty fees,” says Linda Sherry, Director of National Priorities at Consumer Action. The Consumer Financial Protection Bureau (CFPB) has calculated that the law saves consumers $4 billion per year in fees alone, while another estimate puts the total savings from banned interest charges and fees closer to $13 billion each year.
Tag: Consumer Action
Pros and Cons of Traveling with a Prepaid Debit Card
Should you pack a prepaid debit card for your next trip? By Lucy Lazarony Going on a trip? Here’s a look at the advantages and disadvantages of traveling with a prepaid debit card in your wallet. An alternative to credit cards. If you don’t have a credit card or don’t want to travel with one,… Continue reading Pros and Cons of Traveling with a Prepaid Debit Card