Consumers find relief from credit card debt under new legislation
It’s been smooth sailing for consumers under the protection of new credit card legislation despite what had originally been predicted. Data from marketing consultant Mintel Comperemedia shows that even though banks and issuers were expected to impose new annual fees and cut reward programs, very few have done so. This comes as a relief to consumers who are still struggling with credit card debt.
The new report found that only 28 percent of mailed offers had annual fees, as oppose to 33 percent at this time last year. Fifty-six percent of cards had low introductory rates, up from 37 percent in 2009, despite assumptions that rewards were going to be cut.
“I think some of the doom and gloom speculation from a year ago was probably exaggerated,” said Mintel senior vice president Andrew Davidson.
This is good news for Americans who expected to find themselves deeper in credit card debt due to shady issuer tactics. Under protection from new credit card legislation, consumers can now focus on paying bills in a timely manner to raise credit scores and improve credit history.