One of the most talked about features of the credit card bill is its lack of support for small businesses. Currently, small businesses are suffering gravely from the effects of the economic crisis. They are in even worse straits right now because the exploitative practices of credit card companies that were the bane of private credit cardholders are also theirs.
The worst part is that, while private credit cardholders have something to look forward to a few months from now, when the credit...
With the credit card bill in place and about to become active in a few months, credit cardholders are holding their breaths and hoping for the best. Credit card companies are saying that the approval of the credit card bill was a bad move. Credit cardholders are saying no. Meanwhile, small businesses just as badly exposed to the extreme practices of the credit card companies as regular cardholders, want in on the action too. They've been left out from the credit card bill and they are feeling...
Continue readingIn recent years, credit card companies have seen the small business sector as one of the fastest growing credit users and the most profitable as well.
It was American Express who first released a credit card specifically made for small businesses, about twenty years ago. In the past decade, other credit card companies began to move in on the small business sector as a fast growing source of new credit accounts, moving away from the already saturated consumers sector.
Because of the...
As the economic crisis continues and banks continue to search for ways to turn a profit, it seems that they are beginning to turn their eyes towards small businesses. This comes as the Senate prepares to pass the Credit CARD Act.
Small business enterprises are just one of the many sectors of society that has been adversely affected by the economic crisis which is still affecting the nation today. Lending companies, themselves in dire financial straits, have had to cut lines of credit for...