Congress takes on credit card reform - Issue #1
A pair of lawmakers on Thursday urged Congress to move forward with legislation aimed at remedying what they view as questionable practices of the credit card industry which keep many consumers mired in debt. 8 months ago
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"Based on the most recent data from the Federal Reserve, the average American family carries an average of $2,200 in credit card debt." Take that debt and add a 20% interest rate, not good.
It's true, certain practices are outrageous but, you can only protect consumers so far. Some consumers truly unintelligent with their money and see borrowing money at 20% as a reasonable deal. All these laws won't save people without common sense. This is a harsh comment, but the truth. What we should due to is teach people money management from an early age, in high-school.
Wow, $2,200 in credit card debt? That's scary.