“At a time when American people are being asked to come to the rescue of financial services all over the country […] how can we say ‘we know that [credit card] practices are unfair, but you must wait a year to fix them?’” asked Representative Carolyn Maloney (D-NY) at a Center for American Progress Action Fund event Wednesday morning.
At the event, CAPAF Executive Vice President Sarah Wartell presented a new report by Tim Westrich, “Putting Credit Card Debt on Notice,” which she said “offers technological solutions to help customers better manage their debt in the face of increasingly volatile market conditions.” Wartell said that by using technology such as text messaging—or a similarly rapid electronic method—a credit card issuer could provide consumers with helpful information at the moment he or she needs it most. The message, according to Westrich’s ...
