"Credit Card Reform Act" Will Put the Brakes on Wild Interest Rate Hikes, Changes in Terms of Agreements and Extreme Penalties WASHINGTON — As an increasing number of Americans fall victim to out-of-control credit card costs and as the credit card market begins to resemble the subprime...
Up to Our Eyeballs is a lively and timely exploration of the causes and consequences of the explosive rise in consumer debt, and of the unyielding financial and economic crises. Woven together with insightful analysis and a breadth of personal accounts, Up to Our Eyeballs offers an explanation for...
Americans carry over $800 Billion in credit card debt. Using most recent data from the Federal Reserve Board's Survey of Consumer Finances, Borrowing to Make Ends Meet exposes this and other disturbing trends in American families’ debts and financial assets. The report breaks down debt and asset...
New York, NY — American families are using credit cards to bridge the gaps created by stagnant wages and higher costs of living and balances have grown dramatically since 1989, according to a new report published today by Demos. Borrowing to Make Ends Meet: the Rapid Growth of Credit Card Debt...
It has been nearly two decades since the credit card industry was deregulated with the promise of bringing greater competition and lower prices to consumers. Under the shield of deregulation, credit card companies have shifted the cost of credit to individuals least able to afford it. As this...
Demos Vice President of Policy and Programs Tamara Draut testifies before the U.S. Senate Committee on Banking, Housing, and Urban Affairs regarding the growth of credit card debt and credit industry practices.
New York, NY — As health care costs continue to rise faster than incomes, families are turning to credit cards to pay for medical care, according to new research by Demos and the Access Project. The public policy groups published the findings today in a report entitled "Borrowing to Stay...
Health care costs are rising sharply, placing stress on employers, individuals, and families. As employers look to rein in benefit costs, they are increasingly turning towards health insurance options that feature greater employee cost sharing through higher deductibles, co-payments, and...
New York, NY — Homeowners have been tapping into their home equity to get the cash needed to pay down credit card debt incurred not for luxury expenses, but for basic needs. This strategy leaves them on precarious financial footing after two years of interest rate hikes and the largest drop in...