Which act passed in 2009 limits the fees and interest rates that credit card companies can enforce?

The Credit Card Act, passed in 2009, introduces significant reforms designed to protect consumers from unfair practices by credit card companies. It specifically limits fees and interest rates that can be charged, requiring credit card issuers to provide clearer disclosures about terms and conditions, such as how interest rates can change and the consequences of late payments. The act aims to enhance consumer protection by ensuring that individuals have a better understanding of their credit card agreements, thereby promoting more informed decision-making regarding credit and personal finance. By enforcing these regulations, the Credit Card Act helps to prevent predatory lending practices and shields consumers from unexpected financial burdens.