A Bad Deal for Credit Card Users Free Essay, Term Paper and Book Report
Introduction
According to an article by Ben Brake, A key objective of the federal government's $700 billion financial recovery package is to unlock credit markets for consumers, easing access to mortgages, car loans, student loans and other forms of credit (Brake, 2008). Yet federal regulators are considering taking an action that would reduce access to credit and make credit even more expensive. In the paragraphs below, Brakes article is discussed in detail, including summary, major points, and how financial management applies to the article.
Summary
Federal regulators are considering action on the proposed regulations to restrict the ability of credit issuers to set interest rates based on the borrowers risk of credit and payment decisions based on their own debt. When a bank issues a credit card today, it takes into account the credit borrowers history, spending, and income, to indicate whether or not someone is a good risk. Borrowers with strong risk profiles, credit terms are usually less restrictive. A riskier borrower faces larger fees and rates, whereas a ......
Word Count: 848
Page Count: 3.3 (250 words a page / double spaced)
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