| ndustries have the power to invoke the primal | | | | which certainly require money to function. |
| emotions many consumers now feel toward the credit | | | | Protection and Support- Identity theft and credit card |
| card industry. Consumers have watched in disbelief as | | | | fraud have been problems facing consumers for |
| seemingly recession proof businesses have failed one | | | | years, however the current state of the economy has |
| after another. It should have come as no surprise that | | | | caused an increase in this activity. Fortunately the |
| eventually the credit card industry would take a turn in | | | | credit card industry has an system in place that may |
| the spotlight. | | | | ease many consumer concerns. Entire departments |
| Most people agree that recent changes in the credit | | | | are dedicated to help consumers who may have been |
| card practices are unfair and possibly unethical. Others | | | | the victim of credit card fraud. In fact some |
| would argue that credit card companies are protecting | | | | departments are staffed by legal professionals who |
| themselves from future defaults. Let's play the devil's | | | | offer resources and valuable advice to customers. |
| advocate for a moment and consider the benefits | | | | Fraud departments monitor unusual activity and may |
| credit card accounts offer consumers. | | | | freeze your account if they feel your security has |
| Purchasing Power- Consumers are quick to forget the | | | | been compromised. This service can quickly save you |
| love affair our society has had with credit cards over | | | | thousands of dollars if your credit card information falls |
| the past several years. Consumers have charged, | | | | in the wrong hands. |
| purchased and consumed beyond their means without | | | | When it comes right down to it, both consumer and |
| once complaining about the ability to buy more and | | | | credit card company benefit from each other. Even |
| more products and services. Of course credit card | | | | with the changes currently taking place few people |
| holders have paid for this convenience and many will | | | | are willing to cut up their credit cards and go back to |
| continue to pay for years to come. There is no doubt | | | | paying cash or writing checks. Both parties must |
| credit card companies profit off of consumers who fail | | | | accept their responsibility in contributing to the financial |
| to manage their accounts in a responsible manner. Until | | | | mess which we must all now face. With the President |
| new regulations come into effect credit card | | | | and other government official on board, credit card |
| companies will probably continue to exercise the right | | | | companies might just come around to operating in a |
| to collect fees and interest which consumers have | | | | more consumer friendly manner. Additionally |
| agreed to pay when accepting the terms and | | | | consumers must living beyond their means and then |
| conditions of their account. | | | | wondering why they face financial hardships. Credit |
| Rewards Programs Cost Money- Cash back rewards | | | | cards give consumers increased purchasing power |
| and other reward programs have been hugely popular | | | | (which should be used responsibly), builds credit and |
| with credit card holders. As this portion of the industry | | | | provides rewards programs and other services that |
| grows to mammoth proportions considerable money is | | | | benefit card holders. If the current issues between |
| required to keep these programs running. Consider the | | | | card holder and card issuer can be resolved it would |
| marketing and operational departments that have been | | | | be a win-win for all involved. |
| created to develop and maintain these programs | | | | |