Credit Cards More Expensive?
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|Fri, 12-06-2013 - 1:10pm|
Federal legislation tightening the regulation of credit cards has produced more responsible and satisfied consumers and fewer young people in credit card debt.
The trade-off? More expensive credit cards.
Three years after the landmark Credit Card Accountability, Responsibility and Disclosure Act, or CARD Act, was fully implemented, the credit card world has settled into its new rule-bound reality with mixed results.
Cardholders are making larger monthly payments, and fewer have fallen behind on credit card payments. At the same time, interest rates on credit cards have risen a full percentage point, and annual fees have increased more than 41 percent. Also, credit limits have been slashed.
Have you noticed an increase in your rate and/or minimum payment?