Credit Card Rates - How They Were a Long Time Ago

 

 

The government sees us buffeted around by the recession, and lowers its benchmark interest rate for bank card borrowing to subsequent to nothing. So why do we still get bills that seem higher than ever and maintain reading about how this is nothing in comparison with how excessive the fees and charges are going to go?

 

Free online credit reports were made available for residents of the United States. In 2004, the Fair Credit Reporting Act was approved. This act allows all Americans to view their credit reports every year. This service is participated by three of the major credit companies like Trans Union, Experian and Equifax.

 

For many years credit card industry of United States have been employing questionable methods and practices such as vague credit card contracts with a lot of fine print, unjustified fees and interest rates increase, aggressive marketing to youngsters and low-income families. It appears that now is a good time to analyze the negative consequences of widely appraised "democratization of credit" for low-income layers of our society and introduce effective regulations that would protect the most vulnerable American families from being ripped off by financial industry predators.