GAO: Consumers Only Getting $.21 On The Dollar Out Of Credit Card Debt Protection Fees

GAO: Consumers Only Getting $.21 On The Dollar Out Of Credit Card Debt Protection Fees

In 2009, U.S. consumers spent at least $2.4 billion in fees for credit card debt protection products that provide them with the ability to suspend or cancel a part of their debt obligations as a result of things like disability and involuntary unemployment. However, a new Government Accountability Office report finds that the credit card companies are making a substantial profit from these fees. [More]