首页
登录
职称英语
(1) When Kelly Dilworth applied for a Discover card in July, she was happy to
(1) When Kelly Dilworth applied for a Discover card in July, she was happy to
游客
2024-09-07
6
管理
问题
(1) When Kelly Dilworth applied for a Discover card in July, she was happy to learn that her spending limit was $ 13,000—a level most card companies don’t offer unless a customer is in the highest credit tier. Then she found out the card’s annual percentage rate (APR) was 21.24 percent, a level that used to be reserved for people with shabby credit.
(2) Like most credit card companies, Discover didn’t reveal to Dilworth what her APR would be until after it had issued her card. Dilworth notes she could just cancel the card, but that would likely temporarily hurt her credit score, which is well above 700. Instead, she says, she’s keeping the card for its travel rewards. "It’s becoming a lot harder to find a regular credit card with a good interest rate," she says, "even if you have good credit." She doesn’t understand, however, why financial institutions are increasingly offering loads of credit but tying it to high APRs—while refusing to offer less extreme options.
(3) Dilworth isn’t the only one who’s puzzled. While US interest rates remain below 1 percent, some of the same financial institutions allowed to borrow money from the government at historic lows are quietly jacking up rates on even people with commendable credit. This summer, the lowest available APRs offered on new credit cards topped 15 percent on average, marking a five-year high, according to CreditCards. com. With the Federal Reserve signaling plans to raise interest rates going into next year, experts believe credit card companies will follow, as they did last December.
(4) While credit card APRs are expected to rise with future rate hikes, they did not plunge with US mortgages and other types of loans when the Fed slashed its rates to nearly zero during the financial crisis. This is partly because, in 2009, Congress introduced a law to restrict the card industry’s payment and fee practices, says James Chessen, chief economist for die American Bankers Association. To compensate, card issuers found other ways to profit, by either boosting existing rates or refusing to lower rates on new cards.
(5) For the average American credit card user, these higher rates are already having an effect: The debt of those carrying balances has risen every quarter since early 2015 and, as of this spring, the average household carrying credit card debt owed more than $ 16,000—the highest level on record since Congress enacted (制定;颁布) the credit card reform act.
(6) But rising APRs will hurt millennials (千禧一代) the most. They tend to have shorter credit histories and mountains of student loan debt—factors that can weigh heavily on their credit rating, leading to higher interest rates and potentially hurting their ability to pay off monthly balances.
(7) Dilworth says wider spreads have been proliferating over the past few years, with the lowest available rates hardly budging and the upper limits creeping inexorably higher. As she points out, there are legal limits on certain card fees, but there is no limit on APRs. No one knows who, if anyone, is being offered the lowest interest rates, Dilworth says, because the credit card industry doesn’t need to report that information. "It’s really a transparency (透明度) issue," she says. "What people are really paying and their APR levels, no one knows that. Not even the Federal Reserve. "
(8) The upshot? Millennials, who make up the largest population segment in US history, are abandoning credit cards, according to Princeton Survey Research Associates International, a New Jersey consultancy. In a study this year of more than 1,000 people aged 18 to 29—many of whom came of age during the 2008 -2009 financial crisis—only 33 percent reported using credit cards. By contrast, 55 percent of those surveyed aged 30 to 49 carried cards, while more than 60 percent of those aged 50 and up carried them. If credit card companies can’t win over millennials, experts say it could very well erode their long-term earnings potential.
(9) To make up for lost growth, credit card companies could further raise rates on everyone else. But that approach has pitfalls. In its latest monthly complaints report, the US Consumer Financial Protection Bureau noted mat one of the biggest gripes from credit card users is that the industry isn’t fair or transparent enough in calculating and assigning APRs. If climbing interest rates are any measure of customer ire—and card companies don’t offer more visibility in their decision-making—the number of complaints is likely to rise. [br] According to the author, the legal act enacted by the Congress______.
选项
A、shouldn’t limit the pay and fee of card companies
B、was undermined by the credit card companies
C、directly led to a soaring interest rate of credit cards
D、had failed to play its positive role as expected
答案
D
解析
细节题。根据题干关键词the Congress定位至原文第四段第二句。该句提到,国会于2009年引入的法案目的是限制信用卡行业的支付和收费行为,本意应是减轻持卡人负担,但在随后一句中,作者继续介绍说信用卡行业以抬高信用卡的年利率来应对,文章第五段也提到这使家庭债务不断增加,可见,这个法案没有发挥其预期的正面作用,故D为答案。作者并没有直接对法案的内容进行分析和批判,因此A“不应限制信用卡公司的支付与收费”与原文内容不符,应排除;信用卡公司只是用抬高信用卡的年率的方式来应对这个法案,并没有对法案本身进行破坏,故排除B;作者只是对法案的颁布和信用卡年利率增加之间的关系进行了可能性分析,并没有说前者就是后者的直接起因,故排除C。
转载请注明原文地址:https://tihaiku.com/zcyy/3747683.html
相关试题推荐
(1)WhenKellyDilworthappliedforaDiscovercardinJuly,shewashappyto
Oneofthewrongnotionsaboutscienceisthatmanyscientificdiscoverieshave
Heplannedtostealthemoney,buthis_______werediscovered.A、arrangementsB、b
TheUnitedStatesdiscoveredin1982thataboutone-fifthofitsfarmland______
Heplannedtostealthemoney,buthis______werediscovered.A、arrangementsB、b
Thephysicisthasmadeadiscovery,_______ofgreatimportancetotheprogress
TheEmancipationProclamation______slavesfree,butitonlyappliedtothethree
Peopleoftendiscovertheiraffinitytoeachotherbythelove______forabook.A
Asimilarapproachcanbe______toinnovation.A、usedB、appliedC、triedD、employe
Theschemewas______whenitwasdiscovereditwouldbeverycostly.A、resignedB、
随机试题
[originaltext]Howdidthemansendthesamples?[/originaltext]A、Bypost.B、Byt
英国的戏剧起源于( )教。A.道 B.佛 C.伊斯兰 D.基督
免疫对机体是:( )A.有利的 B.有害的 C.有利也有害 D.有利无害
下列选项中,不属于评价企业盈利能力最重要三种比率的是()。A.销售利润率
单位内部会计监督,是指为了保护其资产的安全完整,保证其经营活动符合国家法律、法规
Thechangeinthatvillagewasmiraculou
硬盘驱动器()。 A.由于全封闭,耐震性好,不易损坏 B.耐震性差,
甲银行在银行结算账户开立的过程中,违反规定为储蓄账户办理转账结算,应给予的处罚是
有关考来烯胺的描述错误的是A.能显著降低LDL-C B.能显著降低TC C.
腺垂体功能减退症最常见原因是A.希恩(Sheehan)综合征 B.各种垂体肿瘤
最新回复
(
0
)