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Boston, Massachusetts
United States
AARP MA is now on Facebook and TwitterProtecting Credit Card Users
White House Meeting with Credit Card Issuers Underscores Need to Protect Consumers from Misleading and Abusive Lending Practices
Washington, DC, April 23, 2009 - AARP applauds the efforts of the President and Congressional leaders to put in place additional oversight and tougher regulations in order to protect credit card consumers. As the recession continues, and million of families continue to struggle to makes ends meet, credit card usage among older Americans remains at a brisk pace. According to AARP research, among those 50+, the mean number of times they have used a credit card in the past 3 months is 22. And while more than half state they pay the total outstanding monthly balance each month, one-third carry a balance, paying more than the minimum, but less than the total.
“During this time of economic instability we need to be doing all we can to give struggling families the opportunity to pay down their credit card debt, rather than saddle them with deceptive fees and interest rates that do little more than make their debt all the larger,” said Nancy LeaMond AARP Executive Vice President for Social Impact. “As we continue to see heavy reliance on credit cards, we must have safeguards in place to ensure lenders operate transparently and are held accountable for their lending practices. While not all credit card issuers engage in questionable practices, we must make uniform rules to help guide the lending process in a fair manner throughout the industry. We are encouraged by the steps the White House and Congress have taken to address some of the troublesome questions surrounding credit card lending practices. AARP looks forward to working closely with our elected leaders to further promote financial security through increased investor protections.”
AARP research shows that, overall, older Americans heavily rely on credit cards, with 76 percent of the population having at least one. Unfortunately, with the high rate of usage comes a high rate of concern in the ability to pay down their debt. Among Boomers and older Americans, 44 percent consider credit card debt to be a “major concern.” The survey also found that more than a quarter of people age 45 and older reported having difficulty paying off credit card debt.
AARP supports legislative efforts to protect Americans of all ages who use credit cards. AARP is on record supporting new regulations concerning unfair and deceptive acts and practices (UDAP).
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Added: Apr 28, 2009
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