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We’re drowning in credit card debt

Today, Explained

The Impact of the CARD Act and Historical Context of Credit Card Debt

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The chapter delves into the provisions and effects of the 2009 CARD Act aimed at solving credit card debt issues, along with the history of high interest rates charged by credit card companies. It highlights challenges in addressing credit card debt despite some improvements and discusses the trend of increasing total credit card debt in America, concerns about people not paying off balances, and efforts by lawmakers to cap interest rates.

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