Credit-Card Law Is Working Well

Wall Street Journal 
August 29, 2010
Maloney, Carolyn B.
P. A12

Rep. Carolyn Maloney (D-N.Y.) defends the integrity of credit card reforms she introduced, in a letter to the editor published in the New York Times. The changes, she writes, have helped lower defaults in the six months since they were enacted. She adds that consumers are paying off their credit card debt, spurred by new rules requiring statements to indicate how long it will take to pay off balances. Maloney declares that the reforms both protect consumers and foster competition among lenders by banning retroactive rate hikes on existing balances, providing advance notice of rate increases so that consumers can comparison shop, and restricting fine-print tactics deemed "unfair," "deceptive," and "anticompetitive" by the Federal Reserve.
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