Business is good for credit card companies these days. With high fees, universal default clauses and default APRs as high as 35%, the costs of using credit are on the rise for many consumers.
One group is trying to put a cap on these increases, however. Consumers Union, the publisher of Consumer Reports magazine, is urging Congress to set some caps on credit card rates and fees. Included in their reforms are interest rate limits, clearer fee and term outlines, prohibiting universal default policies and disclosures on how long it will take to pay off a credit card debt with only minimum payments each month.
What do you think about these proposed changes? If you support this reform, you can visit YourWallet.org to learn more or sign the petition online here. If you don’t support these changes or are not sure what to think, share your opinion in the comments section today.
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For fun, please also check out our holiday song about credit card woes and you can take action to support the Congressional reforms directly from the song page! http://www.creditcardreform.org
Kathy Mitchell
Consumers Union