For many Americans, it is impossible to imagine life without a credit card. Compared to cash and checks, credit cards allow consumers to purchase goods and services from around the globe and on the Internet with enhanced buyer protection. With the advantages of their convenience, however, also come hidden risks that have trapped many Americans in a cycle of expensive debt.
The Pew Safe Credit Cards Project is engaged in a multi-faceted strategy that combines raising public awareness, building partnerships with industry and advocating policies that better protect consumers. The initiative will educate the public and policy makers by assessing data on the true cost of credit. Launched in 2007 in partnership with the Sandler Foundation, the Project is working to shape solutions that protect customers from unfair credit card practices and promote responsible management of debt.
Oct 28, 2009 - This report presents Pew’s findings about the state of the credit card market on the eve of significant new federal regulations designed to eliminate unfair or deceptive practices and foster safer and more transparent products.
Read: Summary View: Full Report (Adobe PDF)
May 20, 2009 - Congress is set to enact new legislation that will make credit cards safer and more fair for consumers. As lawmakers negotiate final details before President Obama can sign the bill, new analysis from the Pew Health Group highlights the importance of a safeguard found only in the Senate’s version of the law.
Mar 31, 2009 - As part of the Pew Health Group's work to reduce potentially dangerous risks in consumer products, the Pew Safe Credit Cards Project explored general purpose credit cards offered by the largest 12 issuers, which control more than 88 percent of all outstanding credit card debt in America. Of the cards reviewed, 100 percent allowed the issuer to apply payments "in a manner which, according to the Federal Reserve, is likely to cause substantial monetary injury to consumers."
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On May 22, 2009, President Obama signed landmark credit card legislation that will put a stop to many unfair and deceptive credit card practices. The bill’s passage was a significant step for American consumers and for the work of the Pew Health Group's Safe Credit Cards Project. Read more
