This interesting infographic in all of its millennial glory explains the dangers that are still lurking out there for young college age people and those who pay their bills.
The Credit Card Accountability, Responsibility Disclosure (CARD) Act curbed the aggressive tactics used against young customers?sort of. While the act stops card companies from lurking around campus and giving away tangible gifts to lure in young people, and while the act requires consumers under 21 must show proof of income or have co-signer; no one said the companies couldn?t start going after young consumers where they really live: social media.
It was designed to protect young people from unfair marketing by credit card companies that often led to excessive, overpriced credit card debt. But left out social media, where all of the young people are
Beverly Harzog, a credit cards specialists described the social media campaigns like setting up a virtual table, you don?t have to be on the campus. The one place where young people spend most of their time: Social Media.
On the up side: The CARD act has reduced delinquencies by 20% and charge offs by 37%.
CardHub.com has pulled in several themes all at once just for the purpose of catching the attention of millennials that works!
- Interest rates for good, fair and poor credit
- Graphics that show how it looks on scale.
- List of things to be concerned about if card ownership is not respected.
- Warning about the increasing amount of card debt
- A list of the top credit card complaints:
- 20%: Billing disputes
- 13%: APR or interest rates
- 6%:?? Closing
- 5%:?? Collection
- 4%:?? Protection
- 4%: Credit Determinations
- 3%: PayOff Process
- 3%: Late Fees
Another 20.9% included other complaints that are not included above.
This study was based on 2012 data, however the content and the warning is still good going into 2015. All in all a very effective campaign. Find more articles like this and more about reviewed top credit repair companies on our home page.
