By: Akanksha A. Panicker

Between the horror stories of credit card debt and the tanking of credit card scores, the idea of using a card itself is daunting. It’s well established that a credit card is a valuable tool for spending, but irresponsible usage can lead to repercussions that span what feels like eons. 

Before swearing to forsake credit cards altogether, one needs to understand practices that credit card companies use. It’s no secret that the catalytic mortgage and foreclosure crisis led to the rise of financial products designed to capture lower-income users was targeted at minority borrowers. As a result, predatory lending practices have led to a number of lawsuits against loan companies and banks. Even today, consumer protection acts are designed in order to minimize the damage that can be afflicted by predatory credit card companies. 

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