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Friday, 3rd August 2007

New Report Details How Credit Card Companies Have Shifted the Cost of Credit to Those Least Able to Afford It

New Report Details How Credit Card Companies Have Shifted the Cost of Credit to Those Least Able to Afford It
Source: Demos

Today in the United States, the credit card market is measured on a scale of billions. The amount of debt owed on credit cards in 2005 was $800 billion; $30 billion is how much lenders profit each year. Under the guise of "democratization" the federal government has deregulated the industry over the past 30 years, eliminating caps on interest rates and penalties. Those who can least afford it are paying the price.

A new study published this week by the non-partisan research center Demos outlines who bears the cost of credit card deregulation. "Who Pays? The Winners and Losers of Credit Card Deregulation", reveals how low-income families, African Americans, Latinos and single females bear a disproportionate amount of the cost to subsidize "competitive" credit card offers by paying excessive fees and high interest rates.

+ Full Report (PDF; 770 KB)


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