Consumers with poor credit and/or lower incomes are being targeted with offers for low-limit credit cards which reduce consumer buying power while running up debt in the form of excessive fees attached to the cards, according to a report titled “Fee Harvesters: Low-Credit, High-Cost Cards Bleed Consumers”, released by the non-profit National Consumer Law Center (NCLC). The report illustrates the case of one consumer who signed up for a card with a $250 credit limit, only to incur a $95 program fee, $29 account set-up fee, $6 monthly participation fee, and a $48 annual fee, which the report calls “an instant debt of $178 and buying power of only $72.”

  • Fee Harvesters: Low-Credit, High-Cost Cards Bleed Consumers (NCLC) [PDF file]
  • NCLC Press Release on the Report [PDF file]
  • Avoiding Credit Card Debt (FindLaw)
  • Debt Relief Options (FindLaw)

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