industry

Banks are under pressure and trying very hard to increase profit in the credit card dealings. Interest rates are increasing, credit lines are being cut and additional fees are being made compulsory on even the best cardholders.

The increase in rates and fees is a sign of depressing new realities of the industry – there are high amount of percentage of uncollectible balances as a new US law may further limit the cards’ profitability.

Banks have started increasing interest rates and shortening the payment duration and are implementing new methods before new rules come into action in February. Recently,  Fed provided evidences that showed that banks are increasing interest rates.

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Tagged as: applicants, balance, Banks, cardholder, credit card, credit line, dollar, Fed, fixed rate, House of Representatives, income, industry, interest rate, law

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