Card companies offering debt relief for customers - Bills.com News

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Card companies offering debt relief for customers

Monday, Sep 21, 2009
By Lance Piper

A number of credit card companies are trying to lure consumers back to their products by giving them some debt relief.

According to Houston's KTRK-TV, Chase is offering to eliminate interest on purchases for everyday items, such as gas or groceries, in order to help their consumers with credit card debt. The offer from Chase to its customers stands as long as card holders pay in full for these items everymonth.

Tanisha Warner of the Consumer Credit Counseling Service told the television station that card companies should be applauded for their efforts to help consumers pay their balances in full. Given the amount of credit card defaults and delinquencies, Warner said it is no wonder that card companies are making these kinds of offers.

"Unemployment is up right now and that has a direct impact on delinquencies, so if you consider that more people are unemployed and that more and more people are not going to be able to afford their payments, that messes with
their profits," Warner said.

Recently, a number of credit issuers have reported that credit card defaults increased during August. For example, Bank of America reported that credit card charge offs increased to to 14.54 percent during last month.

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