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U.S. Credit Card Industry: Competitive Developments Need to Be Closely Monitored

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Report Type Reports and Testimonies
Report Date April 28, 1994
Report No. GGD-94-23
Subject
Summary:

Credit card interest rates in the United States hovered at about 18 percent for years despite wide fluctuations in the amount that lenders paid for money that they loaned out, known as the "cost of funds." The wide spread between the cost of funds and average credit card interest rates since the late 1980s has reignited congressional concern about the adequacy of price competition among credit card issuers. This report reviews the (1) assessments of whether the industry's structure supports competition, (2) explanations that have been offered for the credit card industry's relatively stable interest rates and high earnings, and (3) proposed interest rate cap or other policy options. GAO concludes that a nationwide interest rate cap could lower the cost of credit card borrowing for some cardholders, but it might also prompt the cancellation of cards and restrict credit for cardholders who present higher default rates.

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