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Article: Credit-Card Companies Giving Late Payers Less Leeway.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- February 18, 2003
CopyrightCOPYRIGHT 2003 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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By Chris Serres, The News & Observer, Raleigh, N.C. Knight Ridder/Tribune Business News
Feb. 18--There has never been a worse time to miss a payment on a credit card.
Major credit-card companies are granting fewer concessions, such as lower interest rates and fees, to borrowers who are having difficulty repaying their debt. In many cases, companies are granting concessions only to people who cannot make their minimum payments or are on the verge of bankruptcy.
"Given the state of the economy, you would think there would be more sympathy," said Rebekah O'Connell, a credit counselor with Triangle Family Services, a nonprofit group in ...