Posted by: John Tozzi on August 6, 2008
Nice piece from the radio show Marketplace on how slippery credit card terms affect small business owners relying on cards for financing. Apparently banks are cracking down because investors are losing their appetite for securities backed by credit card debt. Key quote from Travis Plunkett, legislative director of the Consumer Federation of America: “If your interest rate doubles or triples with virtually no notice, it can create chaos for small businesses.”
Here’s the link to the story, and embedded audio below.