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Key takeaways. Women and minorities faced credit discrimination for decades. The Equal Credit Opportunity Act of 1974 made it easier for both groups to obtain credit cards and loans.
Experian compared debt balances among men and women and found that, on average: Men have 2% more credit card debt than women. Men have 20% more personal loan debt than women. Men have 16.3% more ...
The Equal Credit Opportunity Act (ECOA) is a United States law (codified at 15 U.S.C. § 1691 et seq.), enacted October 28, 1974, [1] that makes it unlawful for any creditor to discriminate against any applicant, with respect to any aspect of a credit transaction, on the basis of race, color, religion, national origin, sex, marital status, or age (provided the applicant has the capacity to ...
California Federal S. & L. Assn. v. Guerra is a Supreme Court case about whether a state may require employers to provide greater pregnancy benefits than required by federal law, as well as the ability to require pregnancy benefits to women without similar benefits to men. The court held that The California Fair Employment and Housing Act in ...
The Consumer Financial Protection Bureau in its October 2013 report on the CARD Act found that between the first quarter of 2009 and December 2012, credit card interest rates increased on average from 16.2% to 18.5%, while the “total cost of credit,” that is, the total of all fees and interest paid by all consumers as a percentage of the ...
Credit cards certainly offer loads of convenience and even rewards for using them, ... 15 Times When You Should Use Cash Over a Credit Card. Cheapism Staff. March 30, 2024 at 7:00 AM.
The expansion of accessible credit can come with a downside of exclusion as people with poor credit (those that are considered high risk by credit scoring systems) become dependent on short-term alternatives such as licensed money lenders (the home credit industry), pawn brokers, payday lenders, and even loan sharks. [18]
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