In 2009, a federal law was passed called the Credit Card Act, also known as the Credit Accountability, Accountability and Disclosure Act credit cards of 2009, to protect people with credit cards. to commit excessive lending which is placed and practiced by the people who issue the credit cards. The Credit Card Act was passed in response to continued abusive practices by credit card issuers. One of the abusive practices was the increase in interest. The companies were increasing the interest without the credit card user knowing and in most cases there was no reason for the interest to increase, it worked in their favor because there was nothing the customers could do about it. TO DO. Another reason is marketing to underage customers. Companies encouraged the use of credit cards in places where minors were concentrated. They went to high schools and attracted their attention with prizes. Finally, the biggest factor was random fees and obfuscation. This prevented people from seeing why and what they were being billed for and automatically processed through their account. After the legislation was passed, there were no more major problems in the credit card world. There are no random interest rate changes, arbitrary feeding, better grace periods (21 days before the due date) and finally, there is more security for minor customers. Say no to plagiarism. Get a Custom Essay on “Why Violent Video Games Should Not Be Banned”?Get the Original Essay This year marks the 10th anniversary of the passage of the Credit Card Act and since then, changes have occurred in society that can affect the way consumers perceive credit. . Since 2009, the increase in student debt has increased incredibly, leaving young people with more debt than ever before after college. This has caused accounts payable to decline, although they are still growing, but not as fast as in other years. Also taking into account that we already have a trillion in credit card debt as a country (and only growing), it's possible that people will explore other ways to finance their lives. This is why I think there should be more systems and resources available so that people can become less dependent on credit cards that only lead them into debt, such as health care and education affordable. In conclusion, I believe that credit card law has been very crucial in regulating the national debt and consumer spending, acting as a safeguard against human error. This law was put in place to protect the average consumer, which I can still support. However, one thing I would change would be to make it a little harder to get a credit card and make it so that only qualified people are allowed to get them. I say this so that people who aren't able to finance a credit card don't end up in debt - which is a downward spiral that can only get worse in most cases. I've seen this happen too many times in my own life, which is why I would support a wholesale reform of the requirements for obtaining a credit card from all credit companies..