Credit Card Woes – Tables Turn
It is no secret that Credit, started as a tool has over time become an epidemic. Agreed that people have given to addiction to plastic and have often faltered, but is it fair to only blame them? Recent trends might suggest that banks are to blame equally, if not more. Conditions like universal default have banks minting money when consumers hardly have an idea as to what caused a default from their sides in the first place. But with rising awareness, there is hope. Barack Obama and Hillary Clinton both are campaigning for credit card reform, the Federal Reserve opened its website for public comments on a proposal that lending banks give a 45-day notice before they hike rates and there is noticeable rise in the complaints lodged at the Office of the Comptroller of Currency that oversees bank-issued cards. With increasingly aware consumers and dynamic changes coming our way, the tables seem to be turning for credit card woes. Read more on this here.