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Resource ID: #23984
Subject: Economics
Source: USA Today (McLean, Va.)
Date: 2008-12-18



This series ties lax credit card lending and punishing fee practices to the housing boom, to consumers' mounting financial distress, and to the economic downturn. The reports revealed that during the housing boom, banks sharply raised card limits in part because of a surge in home equity, much of it now vanished. Then banks guided borrowers to tap into rising home equity to pay off card balances, putting their homes at risk.

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