''The Customer Always Comes Last''
"The credit card industry is working hard to subvert the Credit Card Act of 2009, which banned many of the industry's most predatory practices. The Federal Reserve Board, which oversees and coddles this industry, needs to ensure that consumers get the protections Congress intended, and Americans so clearly need.
The law's final provisions went into effect this week, and if they are vigilantly enforced, they should end many of the abuses that had become standard practice.
. . .
The Fed also needs to take a hard look at problems cited last month by the Pew Charitable Trust Safe Credit Cards Project. It found that despite the law's demands for more transparency, card issuers are still withholding important information. Companies are failing to disclose penalty interest charges, which could double or even triple the interest rate for cardholders who fall two months behind."
Spotlight on Mental Health
MORE FROM PEW
Explore Pew’s new and improved
Fiscal 50 interactive
Your state's stats are more accessible than ever with our new and improved Fiscal 50 interactive:
- Maps, trends, and customizable charts
- 50-state rankings
- Analysis of what it all means
- Shareable graphics and downloadable data
- Proven fiscal policy strategies
Welcome to the new Fiscal 50
Key changes include:
- State pages that help you keep track of trends in your home state and provide national and regional context.
- Interactive indicator pages with highly customizable and shareable data visualizations.
- A Budget Threads feature that offers Pew’s read on the latest state fiscal news.