CFPB report addresses retail credit card issues
By EsqSocial Corporation 24/12/24
On December 18, the CFPB released an issue spotlight titled “The High Cost of Retail Credit Cards,” which described risks associated with retail credit cards. According to the report, retail credit cards typically have higher APRs compared to general-purpose credit cards, with 90 percent of retail cards reporting a maximum APR above 30 percent (the average APR was 32.66 percent) as compared to only 38 percent of non-retail general-purpose cards....
By: Orrick, Herrington & Sutcliffe LLP