On February 22, 2010, nine months after President Obama signed the legislation, new credit card rules designed to protect consumers from the unscrupulous and manipulative tactics of credit card companies went into effect. The legislative momentum that led to the passage of the Credit Card Accountability, Responsibility, and Disclosure Act (Credit CARD) has been building for years, and was thrown into overdrive by the economic meltdown of 2008. Countless Americans who felt they had been duped by greedy mortgage brokers and cheated by reckless Wall Street fat cats were only too happy at the prospect of throwing the...
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Credit Culture: Incentivizing Greed and Irresponsibility