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New Report from the Center for Responsible Lending on Credit Card Industry Practices

By Brian Wolfman

We've blogged many times, including here, about how the new Credit CARD Act -- which instituted a number of changes, such restrictions on overlimit fees and on marketing to students -- may not be helping consumers' bottom lines. That's because (as would be expected) the credit card companies are finding other ways to make money -- such as rate increases. The Center for Responsible Lending has issued a new report on the topic called "Dodging Reform: As Some Credit Card Abuses Are Outlawed, New Ones Proliferate,"  It details the credit card companies' new money-making techniques and claims that legislation establishing "The Consumer Financial Protection Agency would address the ongoing problem of issuers? always-changing industry strategies." Legislation that would establish the Consumer Financial Protection Agency passed the House of Representatives on December 11 and is pending in the Senate.

Full post as published by CL&P Blog on December 21, 2009 (boomark / email).