The new Credit Card Act, which just came into force last week, seems to have a number of loopholes in it. Frank Curmudgeon at Bad Money Advice exposes some of these loopholes in such a way that it becomes rather obvious that the new laws may not affect the credit card industry as much as had been hoped.

While the new law was intended to provide some teeth to curb some of the excesses of the credit card companies, it seems that the loopholes may be large enough that the limitations may largely be only on paper. This means that it most likely won’t be long before the same excesses are seen – just in a slightly different way. [Read more…]