08/23/2010 - It was early 2007, and Michael Roster and Dwane Krumme each viewed the credit card industry with growing dismay.
Each had played a role in its development - Krumme as a banker, and Roster as a prominent industry lawyer. Now, each saw that the business had turned into a trap for unwary consumers dragged down by billions of dollars in tricky fees and sky-high penalty interest rates. Each worried, as Krumme recalls, that lenders' practices "could get a lot of people in trouble and hurt the economy as well."
This is a good moment to consider a little-known chapter in the overhaul of the U.S. credit card industry: the role played by a Philadelphia institution, the Pew Charitable Trusts, which brought Roster, Krumme, and others together on the side of long-belated change.
Read the article Consumer 10.0: How the Pew Trusts Aided Credit Card Reform, in it's entirety, on the Philly.com Web site.
Pew is no longer active in this line of work, but for more information visit the Safe Credit Cards Project on PewHealth.org.