Credit Card Rates Increasing
August 18, 2009 · Print This Article
Within the past year I have had numerous conversations regarding the increase in credit card APR/rates. From my ground level perspective it has been readily apparent the credit card companies have been increasing rates and payment requirements in an effort to bolster their bottom line.
With the credit card reform act going into full effect by February of 2010 many credit card issuers are trying to extract as much money as they can from their credit card holders. The new act will provide greater consumer protection against increases in rates and other payment provisions. However, many believe that the new act is too little too late.
For more information visit CNNMoney.com or click to read “Credit card rates rise in 1st half of ‘09: Group says bank profit from credit card debt rose as their costs to borrow money declined“.
Technorati Tags: rate increases, credit card rates, APR, annual percentage rate, credit card reform act, credit card payment requirements
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Written by David McCullough · Filed Under Credit Industry Practices, Economy
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