Federal legislation called The Credit Card Act, also known as The Credit Card Accountability, Responsibility, and Disclosure Act of 2009, was passed in 2009 to protect people who own cards of credit from making excessive loans placed and practiced by the people who issue the credit cards. The Credit Card Act was passed in response to credit card issuers' continued abusive practices. One of the abusive practices was increasing interest. The companies increased the interest without the credit card user being informed and in most cases there was no reason to increase the interest, it worked in their favor because the customers couldn't do anything about it. Another reason is the marketing of underage customers. Companies encouraged credit card use in places where minors were concentrated. They went to high school and got their attention with prizes. Finally, the most important factor was random rates and obfuscation. It was not possible for people to see why and what was automatically charged to them and processed into their account. After the legislation there were no major problems in the world of credit cards. There are no random changes in interest rates, arbitrary feeds, better grace periods (21 days before expiry) and finally, there is more security for underage customers. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an original essay This year marks 10 years since the credit card law was passed, and since then there have been changes in society that may affect how consumers view credit. Since 2009, the rise in student debt has skyrocketed, leaving young people with more debt imposed after college than ever before. This has led to a decline in credit accounts, although they continue to grow, but not as fast as in other years. Also considering that credit card debt is already at a trillion dollars (and growing), it's possible that people will explore alternative ways to finance their lives. This is why I believe there should be more systems and resources available so that people can become less dependent on credit cards that only lead them into debt, such as affordable healthcare and education. In conclusion, I believe that the credit card law has been very crucial in regulating the national debt and consumer spending by acting as a safeguard against human error. This law was passed to protect the average consumer, which I can always support. However, one thing I would change is to make it a little harder for anyone to get a credit card and make it so that only those who qualify can get one. I say this so that those who cannot finance a credit card do not fall into debt, which creates a downward spiral that in most cases can only get worse. I've seen this happen too many times in my life, which is why I would support a comprehensive reform with the requirements for receiving a credit card with all credit companies.