USA Today: Changing credit card terms squeeze consumers
AFFIL appeared in this article by Kathy Chu on December 16, 2008
Aggressive rate increases on credit cards are threatening to push struggling consumers into financial ruin, accelerating home foreclosures and the nation’s descent into recession.
Reform is particularly needed, says Jim Campen, executive director of Americans for Fairness in Lending, at a time when consumers are staggering under a record load of high-rate credit card debt. The typical household now has about 11 credit cards and owes $11,211 in card debt, according to CardTrak.com.