The Credit CARD Act contained a number of reforms aimed at addressing the most egregiously "unfair" and "deceptive" practices of the credit-card industry.
Thanks to the Credit CARD Act, issuers no longer may change the terms of a consumer credit-card agreement at any time for any reason.
Barron and Staten (2004) in their study of a pooled sample of over 300,000 credit-card accounts randomly selected from the portfolios of five general-purpose credit card issuers in the U.S.
However, they believed that credit-card debt was temporary and controllable because it should be paid off after they finished their studies and started working.
In the same month ABN AMRO was second with per credit-card spending of NT$8,741 (US$264.88) and Cathay United Bank third with NT$8,543 (US$258.88).
During the month the credit-card spending broke NT$100 billion (US$3.03 billion) benchmark to NT$137.1 billion (US$4.15 billion), although the number of active credit cards issued shrank to 18.64 million, with most issuers seeing declining cards except Citibank and E.
For anything above that, it was the credit-card
issuer who had to pay.
A good example is Decker's school, where no fewer than 15 credit-card
vendors are promoting cards.
In 2009, as Congress worked to curtail the most egregiously "unfair" and "deceptive" practices of the credit-card
industry, NSBA ardently argued that the same protections should be extended to small-business credit cards.
debt totaled $685 billion last year, and the problem is getting worse: In the last decade, credit-card
debt rose by about 70 percent.
Peter Welch (D-Vt.) and Bill Shuster (R-Pa.), the Credit Card Interchange Fees Act would give the Federal Trade Commission authority to review, and, where appropriate, prohibit any practices that it deems unfair, deceptive, or anticompetitive within the credit-card
industry's interchange practices and rules.
operations can generate returns of more than 50 percent, since card issuers often charge interest rates of more than 20 percent.
A new study, "The Use of Credit Card Debt by New Firms," by the Ewing Marion Kauffman Foundation found that credit-card
debit increases the likelihood that a new business will fail during its first three years of operation.
WITH 1.5 BILLION CREDIT cards floating around, $560 billion in outstanding credit-card
debt, and negative personal savings rates, clearly credit-card
debt in the United States is a problem.
Unfortunately, so, too, is the number of small-business respondents who reported worsening credit-card