Business Services Industry
Carrying a credit-card balance: a bad idea that will soon be worse.
Knight Ridder/Tribune Business News, July, 2004
By Frank Norton, The News & Observer, Raleigh, N.C. Knight Ridder/Tribune Business News
Jul. 18--Consumers who are lax on paying down their credit-card debts are likely to face higher monthly charges soon.
After the Federal Reserve raised interest rates last month, many of the nation's top credit-card issuers have responded with plans for rate increases of their own.
Bank of America, for example, one of the largest credit-card issuers, with about 28 million cards in circulation, plans to charge its variable-rate card holders an additional quarter-point beginning next month.
Although that single increase is unlikely to cause much harm, credit experts think an ensuing series of increases may eventually hurt consumers,...
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