Monday, August 2, 2010

FED Study: Swipe fees drive up consumers' costs

A report issued by the Federal Reserve Bank of Boston shows that most consumers are "largely unaware of the full ramifications of paying for goods and services by credit card," which highlights the need for further federal action to control the fees. "This report confirms what we've always known -- that swipe fees drive up costs for all consumers, and that struggling moderate and low-income consumers who often are unable to take advantage of card perks or who don't have a credit card at all end up subsidizing the wealthier individuals who do," said National Retail Federation SVP and general counsel Mallory Duncan.


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