On May 22, 2009, President Obama signed into law the Credit Card Accountability, Responsibility and Disclosure Act. Also known as the Credit CARD Act, this legislation limits the power of credit card companies to raise interest rates or make sudden changes to cardholder terms, while also allowing customers opportunities to lower their rates.
Most of the bill's provisions went into effect in February 2010, and in the run-up to that time, card issuers raised interest rates while they still could. However, consumers didn't seem to go back to cash in protest. It seems that we Americans love our plastic, both for the convenience it offers and the lifestyle it provides that we probably couldn't afford if we only paid cash.
How much do you know about your credit cards? Take the following quiz and find out.
Updated 18 Mar 2010