Question

Which Act was enacted as a response to the rising level of unsecured consumer debt?

Answer 1

The Credit Card Accountability, Responsibility, and Disclosure Act of 2009 or also known as the Credit CARD Act was passed on May 22, 2009. This act will make it easier for the consumers to settle their credit card liability balances. This is made as an answer to the increasing number of consumer debt.

Answer 2

The Act that was enacted as a response to the increasing level of unsecured debts of the consumer is the Credit CARD Act.

What is an unsecured debt?

An unsecured debt is a kind of debt obligation where the due amount has not been secured by any property or asset. It is the reverse concept of secured debt.

• Credit CARD Act was introduced in the year 2009 when the rate of interest on credit card payments retroactively increased.

• This rise was regarded as the misleading practice done by credit card companies and the Act was commenced to curb that increase.

• It was one of a law for safeguarding the credit card holders from the unfair practices of credit card issuers.

• There has been inserted some rigorous terms and conditions on the part of companies  to be followed along with limits on the charging rates of interest.

Therefore, the Credit CARD Act has been passed to overcome the rising levels of unsecured debts.

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