Long-time credit card industry analysts have watched the business of lending turn itself upside down since the inauguration of President Obama. Consumer frustration over high credit card rates and fees have combined with lawmakers’ willingness to tap into populist financial ideas. As a result, unprecedented credit card regulations have been slated to take effect in early 2010 that change the ways that credit card companies earn profits. Therefore, banks and private lenders once eager to trickle interest charges from customers over long periods of time have suddenly become eager for cardholders to pay down their debt.
June 9, 2009
Top Three Reasons Your Credit Card Company Wants You to Join a Debt Consolidation Program
About Joe Taylor Jr.Joe Taylor Jr. has covered personal finance and the music business for over two decades. His work has been featured on NPR, CNBC, Financial Times Television, Fox Business, and ABC News. Previously, Joe worked as a marketing and customer service training advisor for three of the country's leading consumer lenders. He recently completed a personal finance book entitled The Rogue Guide to Credit Cards; (Rogue Guide Books, 2012). When not writing about business, Joe serves as a business sales manager for a Fortune 500 technology company.
