While you certainly can’t blame every rate and fee hike on the CARD Act and there are positive aspects of the law, there is no doubt that the response to the law by card issuers has been overwhelmingly negative for consumers.
I hate to say “I told you so”, but I predicted that this very thing would happen prior to President Obama signing the law. What I didn’t predict is that some consumers with good credit who have used their accounts responsibly for many years would see negative things happen.
While I am disturbed by such developments, I still maintain that you can benefit from credit cards if you use them in a savvy manner. The book that I published last year entitled “How You Can Profit from Credit Cards” is still very much relevant today.
Credit cards can still be great financial tools and we as consumers can help reshape this industry so that it is no longer associated with “smoke and mirrors” and the notorious credit card fine print. Despite all the negative talk out there, I’m excited about the future of this industry and hope that you will support us as we seek to empower consumers. Together we can make a difference!
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