Pressure Building On Debt Collection Efforts
Consumer advocates and some lawmakers would like to see reforms in laws governing the granting and collection of credit card debt, The American Banker reported.
Pressure is increasing as the debt has reached record levels of $803 billion worth of revolving loans as mid-2005, with some five-billion card applications are mailed annually, The American Banker added.
Julie Williams, acting comptroller of the currency, said some borrowers faced with large quantities of fine print may "understandably conclude that certain information is being obscured," the newspaper reported.
Chris Hansen, associate executive director of state and national initiatives at the American Association of Retired Persons, added that one of the reasons credit card debt has risen to such levels is that issuers can easily change the terms.