>high rates during sleepy joe's years
In 2010, average US credit card interest rates were around 13.5% to 14.5%, with specific figures showing averages like 14.26% in May 2010 and 13.78% for the year, representing a rise after the 2008 recession, but rates stabilized somewhat due to the Credit Card Act of 2009.
Rates began to climb from lows during the recession, reaching highs like 18.8% for some cards, though the overall average remained in the mid-teens.
The Credit Card Act of 2009 (CARD Act) is a U.S. federal law designed to make credit card practices fairer and more transparent for consumers by increasing issuer accountability, limiting fees, and clarifying disclosures, impacting how interest rates are set (requiring 45-day notice for increases),
protecting young consumers, and ensuring clear grace periods for payments. It amended the Truth in Lending Act (TILA) and brought significant reforms to open-end credit plans, providing more consumer control and protection against surprise charges and unfair terms.
weird there's already federal law, are these people simply not listening to laws? oh shit, don't shoot