The Pew’s Safe Credit Card Project recently issued a report entitled “Still Waiting: Unfair or Deceptive Credit Card Practices Continue as Americans Wait for New Reforms to Take Effect.”
The report documents ongoing abuses of America’s 12 largest credit card issuers. According to the report, initial rates on credit cards have gone up over 2 percent on average over the last year. All companies reviewed are engaging in widespread interest rate hikes of 13 to 20 percent on many current cardholders.
Nick Bourke, manager of Pew’s Safe Credit Card Project stated, “Deceptive practices… remain part of every card we reviewed for our report.”
In a system that just handed out over $9 trillion in bailouts to the banks while slashing education and social services, it is no surprise that the U.S. government stands by and watches the biggest credit card issuers increase exploitation of their customers while waiting for the Credit CARD Act—passed in May—to take legal hold.
