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"Demos research shows that low-income families and households of color, primarily African Americans and Latinos, bear the brunt of the cost of credit card deregulation through excessive fees and high interest rates. From 1989 to 2004, credit card debt among very low-income (under $9,999) credit card-indebted households quadrupled from an average – more... of $622 to $2,750. In 2004, 46 percent of very low-income households spent more than 40 percent of their income to pay off debt. Among cardholders who carry balances, those with household incomes below $25,000 are five times more likely than households earning over $100,000 to pay penalty interest rates higher than 20 percent. "While white households carry more credit card debt, African Americans and Latinos have a higher percentage of credit card-indebted households. In 2004, of those with credit cards, 84 percent of African-American households and 79 percent of Latino households carried credit card debt compared with 54 percent of white households. Over 90 percent of African-American families earning between $10,000 and $24,999 had credit card debt. Meanwhile, only seven percent of white cardholders are charges interest rates over 20 percent, but 15 percent of African-American cardholders and 13 percent of Latino cardholders pay such rates. – less – More from ZoomInfo »

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