The Great Credit Card Rip-Off

February 16, 2004 | Topeka Capital-Journal |

EOP Director Tamara Draut explains how billions of dollars are being taken from the wallets of ordinary Americans through practices that were once considered usury and illegal.

It's the Wild West in the credit card industry, with interest rates more than seven times the prime rate and a fee frenzy that shows no sign of abating. But thanks to deregulation, there's no Wyatt Earp coming to our rescue. This year alone, it's predicted that American families will pay $7 billion in extra fees, and just over $78 billion in interest on their credit cards. The industry will walk away with about $27 billion in pre-tax profits.