Retailers Pushes the Implementation of Low Debit Charges and Credit Card Fees
Retailers won their biggest victory when the Federal Reserve was about half the fees that most banks and credit card companies are actually charging them just to be able to process debt and credit card transactions as well. This was according to a Washington reporter. Some retailers said that it was not enough for them. During the week, there are trade groups that were actually representing retailers and there are also board debit fee rules that allowed most banks to get lots of money from their debit card purchases.
America has been worrying about the mortgage issue in the past but that was before, now people are worrying much about the credit card issues and fees. It has been threating consumers and because of the fees that they are being charged by most companies. Experts estimated that there are more than $21B individuals who are actually suffering from bad credit loans and this has been recorded just on the 1st ½ of 2008 when borrowers have defaulted their payments. There are so many companies that are actually in the middle of recession and they drastically affect millions of people working to earn a living and to pay for their credit card debts.
There are about 5.5% credit card debts that that were surpassed by the current record that nearly double for about 2%. Expert says that if the unemployment rate continuously doubles, credit card charges will continuous increase. The credit card net charges will exceed and this is according to chief financial officer of a certain credit card company.
Those companies that issued master card and visa cards are actually facing sobering conditions. Even if there are big lenders like in the case of other companies that are also in this business, the tightening for applicants are culling their portfolios of the riskiest customers. Do you know that there are actually big companies that are involved in this issue according to experts? Lenders are actually monitoring closely individuals and companies who are currently suffering from bad debts who are still involved in buying more and still using their cards to make purchases.
