Who Pays:The Winners and Losers of Credit Card Deregulation

Who Pays:The Winners and Losers of Credit Card Deregulation

August 1, 2007
|

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 report shows, low-income individuals, African Americans, Latinos and single females bear the brunt of the cost of credit card deregulation through excessive fees and high interest rates.