About the credit card industry

The credit card industry has become a favorite target of consumer groups and lawmakers, who accuse the card issuers do everything in their power to raise prices, new load (and hidden) fees and punish card holders with unjust policies.
The Federal Reserve Board has taken note. It is proposed that issuers clearer information on tariffs and fees and 45 days (instead of 15 days) discloses notice before increasing interest rates. Congress has stepped in, proposing bills to maintain some of the most criticized policy.
The credit card industry, says he welcomes the best information, but against curbs on its ability to fees or charges or policy to increase. Consumers have been no significant reduction of taxes and duties, which have caused outrage to see.
The credit card industry has entered a period of calm since the Congress has put the focus on the practices of credit card. However, late fees and over limit fees remained stable overall.
The credit card industry is open to the idea easier to understand politics. But card issuers to limit against any measures.
In his defense, argued that credit card, the credit card industry are now fairer than before 1990, when most issuers charged a fixed rate of around 20%. “It was less access to credit and higher interest rates in America,” says Ken Clayton of the American Bankers Association. “Now have about 75% of American families, credit cards to lower interest rates low. And the ability to measure risk has allowed us to target different markets in the past may not have had access to credit.”
Many consumers, however, are of the opinion that credit card information is confusing and that the penalty rate so numerous and fees may apply, it is difficult to know how to avoid them.
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