Credit Card Popularity

By Jorden Meltz

After what may come as a not so surprising response by credit companies to drain every last penny out of consumers before the new Credit Card Accountability, Responsibility, and Disclosure Act of 20009 sets in, there has been a push by congress to move the effective date forward to December 1 of this year. Several banks and credit companies have already started the transition process, while several are holding out until it becomes mandatory to adhere to the new rules in February of next year. It is for this reason that reports that credit card satisfaction has reached a three year low is not shocking to anyone. Fee and interest rate hikes have left many consumers unhappy and forced to pay higher rates on debt they may not have been able to manage in the first place. With nearly 84% of college students having at least one credit card, there is clearly a large impact on students and their ability to pay back growing debts on top of loans they may have already incurred. The fact that congress is trying to push forward the effective date shows that they have become aware of the tactics credit companies are trying to use and showing the greater public that their concern for how they are treated is an issue that must be addressed.


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