Negative
24Serious
Neutral
Optimistic
Positive
- Total News Sources
- 2
- Left
- 1
- Center
- 0
- Right
- 1
- Unrated
- 0
- Last Updated
- 16 days ago
- Bias Distribution
- 50% Right
Record-High Credit Card Interest Rates Raise Bankruptcy Risks for Retail Users
Retail credit cards in the U.S. are seeing record-high interest rates averaging 30.45%, partly due to banks raising rates in anticipation of late fee regulations that never took effect, making it harder for consumers to pay off debt and contributing to a faster rise in bankruptcies among retail credit card users. Loan approvals depend heavily on credit scores and other factors like repayment history and credit utilization, with regulatory changes now requiring credit report updates every 15 days, which can rapidly reflect positive or negative financial behavior. Discontinued credit cards, often resulting from issuer changes or consolidations, may still be usable or convertible to other cards, though options can be limited. Meanwhile, recent significant developments in consumer credit regulation in the UK include reforms to the Consumer Credit Act and new rules for Buy Now Pay Later services, aiming to enhance consumer protection and financial services growth. Additionally, consumers should be aware of credit card terms that banks rarely advertise, such as the long-term cost of minimum payments, negotiability of interest rates, the high cost of rewards programs, and the possibility of avoiding late fees by contacting issuers promptly. These insights highlight the complexity and evolving nature of credit card use and regulation, emphasizing the need for consumers to stay informed and proactive in managing their credit.


- Total News Sources
- 2
- Left
- 1
- Center
- 0
- Right
- 1
- Unrated
- 0
- Last Updated
- 16 days ago
- Bias Distribution
- 50% Right
Negative
24Serious
Neutral
Optimistic
Positive
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