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A study released on Tuesday from the Pew Charitable Trusts says that credit card late payment fees have declined and interest rates have stabilized thanks to the credit card legislation. While the study notes that the changes occurred two years after the legislation was signed, this could mean the law has truly made an impact.

Credit Card Act Has Made a Difference

The study, which examined about 300 consumer credit cards offered via the internet by the 12 largest banks and credit unions from March 2010 to Jan. 2011, shows that a number of positive changes have occurred as a result of the Credit CARD Act.

One major change is that charges for late payments on U.S bank-issued cards decreased from a median of $39 to a range of $25 to $35. How

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Tags: Card, Credit Card, Interest Rates

If you’re actively trying to pay off your debt but seem to be making little progress, high interest rates could be the blame. Your interest rate can make it harder to pay off your debt, but there are ways to overcome high interest rates.

Tags: Debt, Interest Rates

House Rules Committee Chairman Louise M. Slaughter is reportedly working on legislation that would cap credit card interest rates at 16 percent.

While 16 percent certainly isn’t low, it’s markedly better than the 30 percent interest rates tied to many credit cards these days.

The bill, which is expected to be introduced after the Thanksgiving holiday, is essentially a response to credit card issuers raising rates to offset the effects of the Credit Cardholders’ Bill of Rights.

Those changes, which include the elimination of arbitrary interest rate increases, two-cycle billing, and negative payment hierarchy, are slated to be implemented in February.

But with every new regulation thrown the credit card issuers’ way comes a fresh strategy to make profit some other way, e.g. higher

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Tags: 16 Percent, Card Interest Rates, Interest Rates, Percent