Judgment day for credit card companies has come and gone. The federal government announced that the purveyors of plastic have been too harsh on their customers. A crackdown looms in 2010, one that will have severe consequences for credit card companies and consumers alike.
Compare Debt Consolidation Rates
Compare rates from up to 4 lenders for debt management
History may prove that bad credit led to the unraveling of the economy in late 2008. The U.S. has been too lenient on people with heavy consumer debt, and this "bad debt" has led to the poisoning of the overall economy.That argument may have some merit, but some of the blame ultimately lies with the credit card companies. Charging steep late fees, increasing interest rates without proper notice, and other fine-print shenanigans have made a bad thing-credit debt-even worse for consumers. The federal government has responded by passing a series of regulations that will affect all credit card companies in 2010.
No comments:
Post a Comment