Credit cards have become a common form of currency for millions of Americans. Between 1989 and 2001, according to Demos, credit card debt in the US almost tripled from $238 billion to $692 billion.
While some cardholders use their credit for occasional purchases, working families have come to rely on plastic to weather economic downturns or to make essential purchases: groceries, medical expenses, home repairs. Even though most households pay more than the minimum each month, more and more people find themselves perpetually indebted to the credit card industry. College students and other minors have also become attractive targets for the marketing of cards that contain hidden transfer charges, exorbitant late fees and exploding interest rates.
Briefs & Factsheets
Credit Cards: They Really ARE Out to Get You
Consumer Reports details the most significant dangers, along with advice on how to minimize them. More >
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Reports & Papers
Risking Homes to Pay Off Credit Cards
Overwhelming credit card debt is driving many to hand over their home equity in "cash-out" refinances. More >
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Policy Recommendations
Restoring Responsible Credit Practices
New and complicated revenue-generating practices often fall harshly on the backs of consumers. More > |
HIGHLIGHTS
The House Financial Services Committee voted July 31, 2008 to approve HR 5244, the Credit Cardholders Bill of Rights. This bill largely mirrors, and in some aspects is stronger than, the Federal Reserve's very positive proposals against unfair and deceptive credit card practices.
Pushing the Limit: Credit card debt is more widespread, with a larger share of families than ever before carrying credit card balances. A report from the Center for American Progress.
Read CRL's comments (PDF) to the Federal Reserve Board's proposed review of the rules for open-end (non-mortgage) credit.
Read CRL's comments (PDF) to the Federal Reserve Board's proposed rules on Open-End Credit: Implementation of the Bankruptcy Amendments of 2005.
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