Business Development

Consumers currently caught in a credit card debt trap are eagerly awaiting the regulatory changes initially set to take effect in July 2010. All signs are good that these changes will take place much sooner.

With that in mind, it’s interesting to look back at regulations that did and didn’t exist in the early days of the credit card industry.

For instance, until the mid-70′s there were virtually no regulations other than those imposed upon members by the industry itself.

Banks eager to cash in on the interest paid on revolving credit card accounts were aggressive in gathering new customers – so aggressive that they mailed active credit cards to consumers who had not asked for them.

Some of those consumers were income-earning adults, but some were not. In fact, it was not unusual during the late 1960′s for college students living away from home to find a shiny new credit card in their mailboxes – just begging to be used.

This practice was banned when the U.S. Congress began regulating the credit card industry in the 70′s. Interestingly, while card issuers are right now scaling back on issuing credit, reports are that they are still recruiting new card members on college campuses.

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