Kathy Mitchell at Consumers Union (the group that publishes Consumer Reports) sent us a note today about a new cartoon her group has posted about credit card woes this holiday season. If you are starting to feel the pinch of high APR’s, the universal default clauses and hidden credit card fees, check out this fun (and catchy) credit card ditty online.
The credit card industry certainly is getting some unwanted attention this week. First, Consumers Union started their online petition for credit card reform and then ABC’s Boston Legal broadcast a passionate and lengthy criticism. To be fair, I really do think the credit card industry is pretty honest as a whole. Credit cards are convenient and affordable if you use them correctly. But when you use them incorrectly, it’s all too easy to end up in deep, deep debt trouble.
The new higher minimum payments going into effect this January are a great fist step. And the things that Consumers Union and Boston Legal’s producers are fighting for are great for consumers and reasonable for the industry. A few new limits on the way that credit card companies do business will probably benefit us all.
What do you think? Weigh in in the comments section or by email to emilyblog@credit.com.
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I agree that raising the minimum payments is a great step to helping people that can not help themselves.