Recently, the congress passed a misguided credit card law, the Credit Card Accountability Responsibility and Disclosure Act of 2009, which makes you pay more on every credit card bill, even if your credit is good, or your credit card balance is low.

You may end up paying an annual fee, losing your percentage rebates, your cash back, or your rewards program.

The new law puts a limit to the credit card companies’ ability to increase rates on credit card balances, even if a cardholder’s balance has been rapidly increasing.

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Getting free from credit card debt is a difficult task for many college students, but the good news is that there is a new piece of legislation that may help lighten this serious issue.

President Obama has signed the Credit Card Accountability Responsibility and Disclosure Act into law just a month ago. This Act is meant to reduce the fees associated with credit cards and put a limit on how high interest rates can go.

New Provision in Law For Students

Many people don’t know about it, but this law includes an additional provision that is meant to enhance the financial responsibility and help reduce debt among younger, college-age people.

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