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Do Consumers Really Want Credit Card Reform?

By L. Combs and Stacey L. Schreft

Abstract

Earlier this year, several bills were introduced in Congress to curb what many consumer advocates have described as abusive credit card practices. These bills were intended to keep credit card issuers from penalizing consumers for paying their card balances in full each month. In unveiling one of the measures, Congressman John LaFalce declared, “[Consumers] should not be tricked or trapped into escalating interest rates and unnecessary fees. And they clearly deserve better than to be punished for paying off debt and for responsibly using their credit cards.” Apparently, many consumers agree. According to a November 1996 survey by Money magazine

Year: 2011
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