Amy notices that her credit card company has charged too high an interest rate for delayed payment this month. Which law protects her from this issue?
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Fair Credit Card Billing
Fair credit card billing is a federal law which protects the borrowers from incorrect billing charges. Usually the credit card companies are allowed to charge you if you skip the payments for six months or more. As Amy skipped it for only one month, the company is not allowed to bill her heavy amount.
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Acts like the Credit Card Accountability Responsibility and Disclosure Act of 2009 and the Credit Card Act of 2009 protects Amy from such faults rendered by her credit card company.
Explanation:
- The acts as mentioned above passed in 2009 are constructed by the Federal government to promote the welfare and benefit of the consumers.
- Under the governance of President Barack Obama and the United States Congress, such acts were passed in May 2009.
- Under these acts, the consumers using the credit cards are protected from different faults and scams and they have the right for effective grievance redressal.
Learn more about grievance redressal:
Why is redressal of public grievances very important for a democracy?
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What are the other public grievance redressal mechanisms established by the government of india?
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