Acrobat X Files

Home > Business and Economy > Credit Card

Credit card companies are flooding us with card solicitations

Sort Desciption:

oncampus marketers to apply for credit cards. Accident Ahead:. 10 Credit Card. Traps. 1. More Late Fees. Credit card companies are reaping more profit from ...

Content Inside:

Credit card companies are flooding us with card solicitations Page 1Credit card companies are flooding us with card solicitations deceiving us with misleading offer terms and gouging us with higherthanever fees. As a result consumers are sinking further into highcost credit card debt.What should you be on the lookout for? How can you avoid being ripped off? A Road Map toAvoiding Credit Card Hazardswww.truthaboutcredit.orgPage 2A Road Map to Avoiding Credit Card HazardsAs credit card companies intensify their marketing campaigns to boost profits more and more glossy credit card offers are coming at us fast and furious. The average household receives eight credit card offers each month and students who often have no regular income are encouraged several times a week by posters flyers and oncampus marketers to apply for credit cards.Accident Ahead: 10 Credit CardTraps1. More Late FeesCredit card companies are reaping more profit fromlate fee income than ever before for three reasons: (1)the average late fee more than doubled between 1992and 2000 from $12.53 to $27.61 (2) companies havedecreased the amount of time between when they maila bill and when payment is due and (3) nearly twothirds of companies have eliminated leniency periods(the time after a payment's due date before a late fee isassessed).At the same time credit card companies are charging interest rates as high as 40% per year.Consumers are subject to a host of unfair and deceptive terms and conditions saddled with enormousfees and encouraged by credit card companies tomake low minimum payments so that the companiescan earn more money in the form of interest. As aresult the average credit card debt for Americans whocarry balances reached an alltime high of $5610 in2000 an increase of onethird since 1995.As consumers struggle credit card companiessuch as Providian and First USA are making biggerprofits than ever. Between 1995 and 1999 thanks inpart to aggressive marketing an ...

Source: www.truthaboutcredit.org

 

Related Files

Credit and Charge Cards

Filed under: Business and Economy and Credit Card
30 days but no later than the delivery of the card. What Must Be Disclosed. When you apply for a credit or charge card a card issuer must either disclose ...

Shopping Around for a Credit Card

Filed under: Business and Economy and Credit Card
How can you get a credit card? You have to apply for a credit card. To determine your credit rating which represents how good a risk you are ...

The Effectiveness of "OptOut" Disclosures In PreScreened Credit ...

Filed under: Business and Economy and Credit Card
An invitation to apply for a credit card. CONTINUE. IF NOT CREDIT CARD. Coupons from a grocery store. A free sample for a food product ...

Frederic S Mishkin: Credit card disclosures (Central Bank Articles ...

Filed under: Business and Economy and Credit Card
and deciding whether to apply for a credit card account. A model of the proposed new Schumer box is. attached. Format. Consumer testing showed that the ...

Credit Card Disputes

Filed under: Business and Economy and Credit Card
However these last two limits do not apply if the credit card was issued by. the seller (such as a department store card) or if the seller mailed you the ...