Plastic protection ramps up
The CARD Act kicked in on February 22 with new credit card rules. It marked the end of traps like retroactive rate hikes and double-cycle billing. Later in the year, the Fed stopped bank overdraft practices that had produced the $130 cup of coffee.
It was the beginning of the end of the well-heeled consumer being subsidized by the hand-to-mouth crowd. Oh, and more fees are ahead.