Many people want federal regulation on credit cards

By The Associated Press - 08/25/2008

AUSTIN, Texas — CreditCards.com's Second Annual Taking Charge survey revealed today that 73 percent of Americans want the government to regulate the credit card industry more closely; and 58 percent of Americans expressed a distrust of credit card companies. Most consumers (78 percent), however, acknowledge that many people make little attempt to understand the credit card information they have and do not read the terms of their credit card offers.

The national poll is an annual snapshot of America's relationship with credit cards and was conducted by GfK Roper Public Affairs & Media for CreditCards.com, the leading online credit card marketplace that helps consumers make smart credit card choices. (Read the complete article at www.creditcards.com/regulate.) "The Taking Charge results illustrate the public's hostility towards the credit card industry," said Ben Woolsey, Director of Marketing and Consumer Research for CreditCards.com. "Amidst the hostility, however, 82 percent of Americans still say credit cards provide a valuable service and are essential to have today." According to Woolsey, the negative effects of recent years' underwriting standards have cast a spotlight on the responsibilities that credit lenders have to their borrowers. Though legislation like the Credit Cardholder's Bill of Rights continues to advance in Congress, Woolsey urges consumers to do their part to learn more about credit card issues in order to better understand their current rights and obligations as card holders.

The Taking Charge survey also showed that: