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ProfitWise News and Views, June 2010
Who Has Credit Card Debt?

The first 2010 edition of Profitwise News and Views features research on users of credit card debt in an article, by Chicago Fed business economist Robin Newberger, that takes a closer look at how widespread credit card debt has become, behavior across various demographic characteristics (income, race/ethnicity, years of education, among others) and changes in the amount of debt over time.

This topic takes on greater importance more recently given that an array of changes in regulations impacting credit card terms and conditions took effect (for the most part) in February of this year. These changes, mostly designed to make contract terms more understandable and transparent, but which also limit fees and circumstances under which rate changes and other terms can be modified, may have greater ramifications for some borrowers, such as subprime borrowers, people who are currently unemployed and students, than others. Also in this edition is a brief overview of the regulatory changes affecting credit card terms.


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