Posted on 09 July, 2011 | No Comments
News from Christian Post:
Analysts say Americans are not only relying on credit cards to pay their bill ? there are also more people living from paycheck to paycheck with absolutely no savings tucked away for the future.
A report issued by Georgetown University also shows credit card debt and bankruptcy filings have skyrocketed revealing that consumers are ?mired in credit card debt.?
Records show that credit cards not only have high interest rates, but they have extremely high back-end fees that are unrelated to costs, such as late fees and overlimit fees, plus a host of billing tricks and traps that function as hidden price points.
These ?tricks and traps? generate more than $ 12 billion in revenue for the card industry, which is more than 30 percent of the industry?s pre-tax profits.
Dr. Adam J. Levitin, an associate professor of law at the Georgetown University Law Center, in Washington, D.C., said credit cards are, in many respects, an excellent product because they are an easy source of financing.
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?But, credit cards are also a product that can be misused by both consumers and card issuers. Consumers can use cards irres?????. continues on Christian Post
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Source: http://www.creditinfoweb.com/news/2011/07/09/credit-card-debt-and-financial-woes-in-america/
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