Patt Morrison for October 29, 2009

CHA-CHING! Credit card companies engaged in deceptive practices?

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A new Pew study examined over 400 credit cards and found that all of them engaged in one or more practices PEW categorizes as “unfair and deceptive”. According to their research, credit card companies are hiking fees and raising interest rates (the median interest rate last year was 27.99%). Congress is working to push up the effective date of new regulations designed to help, but will they be enough?

A new Pew study examined over 400 credit cards and found that all of them engaged in one or more practices PEW categorizes as “unfair and deceptive”. According to their research, credit card companies are hiking fees and raising interest rates (the median interest rate last year was 27.99%). Congress is working to push up the effective date of new regulations designed to help, but will they be enough?

Guests

Rep. Carolyn Maloney (D-NY)

Nick Bourke, author and manager of Pew Safe Credit Cards Project


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