Consumers Love Hate Relationship with Credit Cards

The Sunday May 27, 2007, edition of the Washington Post contains an article entitled “A Highly Charged Relationship” about Americans’ love hate relationship with credit cards. What what we all love is the convenience, but we hate are the practices hidden in the fine print such as unfairly high interest rates and penalty fees; confusing policies that constantly change, almost always in the lender’s favor; and near-insurmountable hurdles to getting help when a consumer falls into trouble or when a company makes a billing mistake. The article states that most complaints involve “over limit” fees and penalties; interest charges on...

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Consumer Abuse Film Previews Tomorrow

Maxed Out, an illuminating new documentary film about how the credit industry takes advantage of vulnerable consumers, arrives in theaters tomorrow. I had a chance to preview this film by director James Scurlock in November and was blown away. I highly recommend it to anyone who uses credit or credit cards at all. In 1979, when I graduated from law school–with a great job–it took three tries before I could get a VISA card. The film demonstrates just how much has changed since then. Now creditors are luring college students into applying for credit cards as soon as they leave...

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