According to a piece by Marketwatch columnist Marshall Loeb, Americans fork over 31 billion dollars in credit card fees every single year. I don't really have a lot of commentary on this piece, but I think this is an important piece for EVERY consumer to read. Chances are that, if you have a credit card, you are paying some fees that you don't need to be. Read it here.
In addition, I just received an advertisement for a new documentary called Maxed Out, about the predatory practices of the financial services industry. It's playing in a few theaters right now, but as soon as it comes near me, I'll be going to see it. I also ordered the accompanying book Maxed Out: Hard Times, Easy Credit, and the Era of Predatory Lenders.
Are you paying more than you have to?
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Reader Comments (Page 1 of 1)
3-17-2007 @ 9:48PM
Robert Cunningham said...
My current credit cards are dated 1986 and I have never had a single charge. Once I did not get my statement and failed to pay, the next billing had a fee but when I called they cancelled the fee.
One needs just to study the policies involved in the individual cards.
3-21-2007 @ 12:01PM
Triston said...
The article doesn't even mention interchange fees, for which consumers paid over $30 billion to credit card companies in 2005.
The fees have really become out of control. I'm working with the Merchants Payment Coalition to raise awareness about interchange fees. More info is available here: http://www.unfaircreditcardfees.com