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New National Survey: Credit CARD Act A Success, But Plastic Safety Net Persists

A new national survey by the nonprofit research and advocacy group Demos finds that new credit card rules have succeeded as intended, but that many financially strapped Americans continue to rely on credit cards to buy food, prescriptions and other basic necessities. This is fresh evidence that confirms earlier CRL research, which showed that a majority of low- and middle-income families depend on credit cards to pay for basic living expenses or to deal with unexpected financial emergencies like a doctor’s visit. Scroll down to see CRL’s lastest research that shows new credit card rules have made pricing more transparent and curbed many of the industry’s worst practices—those that used tricks and traps to ensnare cardholders in high-cost interest rates and penalty fees—and that predatory credit card pricing was bad for consumers and for credit card companies.

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