D15 - Credit card debt has skyrocketed in America in recent...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
Credit card debt has skyrocketed in America in recent years. This is because credit card companies are very good at making their card sound appealing, and getting many people to buy things with credit. People think that they will be able to pay it off, but at times cannot. High interest rates and late fees for missed payments mean that often times people are charging more than they realize, and before long, their credit card debt is out of control. Once debt starts to accumulate, it is very hard to dig your way out of it. I think a big help would be to make credit card companies be very forthcoming with what people are getting themselves into. A lot of times credit cards have hidden fees, increasing interest rates, and other not obvious costs. People sign up for these cards without fully understanding what they will have to pay to avoid debt. Stricter regulations should be placed on these companies so that customers are fully aware of what they are signing up for. The White House is taking steps to ease the credit card debt problem in America. The Consumer
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

Ask a homework question - tutors are online