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Consumer Law

: Caveat Emptor

Banks keep credit card interest rates high despite low Fed rates

By Sam Glover

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Even though the interest rates banks pay are dropping, credit card interest rates are holding steady. Joseph Ridout of Consumer Action thinks the banks are trying to make up for their losses on subprime mortgages. At the same time, banks are cracking down on existing customers by raising rates, dropping limits, and taking other draconian measures. But [...]

Full post as published by Caveat Emptor on October 25, 2008 (boomark / email).

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