Consumer Reports magazine has received some new coverage recently regarding its plans to release a public education program meant to provide consumers with valuable information about credit card debt.
In an upcoming advertisement, Consumer Reports plans to spell out some of the obvious problems with current credit card policies and compare them with the efforts by the Federal government to bailout many other industries. The facts are on the table regarding the nation’s nearly trillion-dollar credit card debt.
A spokesman for Consumer reports made some observations about the use of credit cards across the country in today market climate. “There are many advantages to [credit card use], but there are also a lot of pitfalls – rising interest rates, shrinking payment windows. The speaker, Ken Weine, VP of communications at Consumer Reports also said that, “What we are particularly drawing interest to is that consumers have more than $1 trillion in credit card debt.”
This latest campaign is not the first of its kind issued by Consumer Reports. In fact, the magazine offers similar programs every year starting around Black Friday. While last year’s campaign focused on low use of gift cards, the 2008 run will target a wider audience, including local and national broadcast outlets, consumer and financial publications, as well as media and advertising trade titles.
Consumer Reports will dedicate an undisclosed amount to advancing its credit card debt information campaign to largest and broadest demographic strain that it can. This will require wider use of the web, particularly financial blogs, to get the word out. The magazine also intends to court both legislators and advocacy groups that cater to the interest of consumers.
The magazine is not alone in its efforts to highlight the pros and cons of the nation’s potential credit card debt crisis. While many eyes remain fixed on the housing markets or in Detroit, there are those who foresee serious consequences for the nation if the credit card industry suffers a similar fate to its economic counterparts.
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