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Monday, 13th April 2009

Pew Releases Standards for Safe Credit Cards

Pew Releases Standards for Safe Credit Cards
Source: Pew Charitable Trusts’ Safe Credit Cards Project

The Pew Charitable Trusts’ Safe Credit Cards Project today released a set of standards designed to prevent deceptive and dangerous credit card practices and called for legislation to outlaw such practices. Developed in partnership with the Sandler Foundation after more than a year of research and extensive outreach with industry and consumer representatives, the Safe Credit Card Standards seek both to protect consumers and preserve banks’ ability to manage risk when extending credit.

Industry reports show that between 2007 and 2008, issuers raised interest rates on nearly one quarter of credit card accounts, using practices which the Federal Reserve has deemed unfair and deceptive. These actions alone cost consumers more than $10 billion.

+ Report: Safe Credit Card Standards (PDF; 134 KB)


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