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How Credit Cards are Crushing Americans

HOW CREDIT CARDS ARE CRUSHING AMERICANS Cabinei, Visa, MasterCard, American Express, and Discover circulate more than 631 MILLION CREDIT CARDS IN AMERICA. 7 887,500 lbs. these credit cards weigh SIXTEEN 747S. More than T.. hat is a lot of plastic, but it is only half of the 1.3 BILLION TOTAL BANK AND RETAIL CARDS IN AMERICA. Q Ilt vou stackeal these carde lat they would rise .615 miles. ONE THOUSAND Burj Khalifa, in oubai. times higher than the world's tallest building, the Il these credit cards have earned Americans $905 BILLIONA 9IN TOTAL CREDIT CARD DEBT. his is more than the 2009 GDP of the world's I 22 poorest countries COMBINED. 1. Credit Card Accountability Responsibility and Disclosure act, or CARD ACT,e EFFECTIVE FEBRUARY 22ND, 2010 Ans to protect consumers from deceptive lenders. eTrevents unfair fee traps. 13/4 JBans unfair interest rate increases on existing debts. 3 Mandates plain sight. O plain language disclosures. A o for deceptive lenders. Creates accountability rovides protections for students and young people. E hile the CARD act offers some protection, it contains LOOPHOLES FOR CREDIT CARD COMPANIES. The aet DOES NOT: R.strict the creation O of new fees. 79.9%- 29.9% 12.9% 2.C. 00.0% ap interest rates. $49 R.riet estrict the raising of existing fees. $2,50 G.. Suarantee the consumer a warning if their credit limit is lowered. Restrict rate jacking for existing 19.9% balances on variable-rate cards. Sources: www.washingtonpost.com/wp-dyn/content/article/2010/01/29/AR2010012902504 html?wprss=rss_print/outlook Www.creditcards.com/credit-card-news/credit-card-industry-facts-parsonal-debtestatistics 1276. php www.privakyrights. Qrg/15/f54-junk.htm Www.time.com/time/magazine/article/0,9171,1715293,00.html www.forbes.com/2009710/06/credit-cards-debit-intelligent-investing-discover.htm! artieles moneycentral.msn.com/Bankirg/CreditCardSmarts/the-worlds-worst-tredit-cards, aspx?7page=2 Www.walletpop.com/blog/2010/01/25/beware-loophole 5- in-the-credit-card-act-you-need-to-know-about/ Www.huffingtonpost.com/2009/12/17/799-percent-inteTest-cred h 396f91.html w ww.whitehouse.gov/the_press office/Fact-Sheet-Reforms-to-Protect-American-Credit-Card-Holders/

How Credit Cards are Crushing Americans

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This infographic provides information for the effects that credit cards have had on American Consumers. It explains what the Credit Card Accountability and Disclosure act is and how it prevents the co...

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