The CFPB released a report detailing how the Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act) reduced penalty fees and made the cost of credit cards clearer to consumers.
Over 70% of adults have at least one credit card, according to the CFPB. The report found that total cost of credit declined by 2 percentage points between 2008 and 2012. In addition, the report found that responsible access to credit remains available.
Read the report.