Consumer Reports Investigation Finds Some Credit Card Issuers Predatory; How to Fight Back; the 10 Most Consumer-Friendly Credit Cards
U.S. Newswire, October, 2005
YONKERS, N.Y., Oct. 3 /U.S. Newswire/ -- Thanks to cozy relationships that have developed over the years among lawmakers, federal regulators, and credit card issuers, getting trapped in the jaws of credit card debt has become alarmingly easy. A Consumer Reports investigation in the November 2005 issue of the magazine -- http://www.ConsumerReports.org?source(equal)CR22 -- finds that credit cards have become much more treacherous for consumers. The investigation reveals that credit card issuers have imposed interest rates in excess of 30 percent on consumers whose only offense might be a late payment to another creditor. The report also exposes other practices by issuers of credit cards that pose hazards for consumers, including:
-- Battered card holders with fees and penalties...
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