Credit Card Holders Benefit Through Congress’ Pressure

| Total Words: 1335

Owning a credit card is fast becoming a better deal for consumers as the credit card industry (banks and other credit card issuers) starts changing their practices and implementing what can only be construed as more lenient practices, under the pressure exerted by Congress. This article offers the whole story.

In economic figures released by the Commerce Department at the end of May 2007, the U.S. first-quarter gross domestic product (GDP) grew by 0.6 percent. This was the weakest quarterly expansion since the fourth quarter of 2002 and was well under the 0.8 percent growth rate projected by Wall Street economists.

Housing continued to be a drag on the economy and was though likely to remain so in the coming months. However, there were positive signs as well, which could signal a healthier rate of growth towards the end of the year. One of these good signs was personal consumption spending which powers two-thirds of the economy increased by about 4.4 percent versus the 3.8 percent figure in April.

In a related report, the Labor Department reported on June 6 that U.S. worker productivity had also increased at a much slower rate than originally estimated....

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