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A recent study by United College Marketing Services has shown that student credit lines have increased to over $6,000. Credit card usage has tripled since 2001 amongst teenagers as well.

Since eighteen year-olds in many countries and most U.S. states are eligible for a card without parental consent or employment, the likelihood of increased balances, unwise use of credit and damaged credit scores increases.

According to Larry Chiang of United College Marketing Services, an example of a credit card class action was where issuers were rolling back posting times to extract more late fees. The due dates were rolled back from 1pm to 10am because mail was delivered in the afternoon so due dates were actually rolled back to charge more late fees.

The following banks are listed with the amounts penalized in this one particular class action. Another controversial area is the universal default feature of many North American credit card contracts.

When a cardholder is late paying a particular credit card issuer, that cards interest rate can be raised, often considerably. Given this circumstance with one credit card, universal default allows other card issuers to raise the cardholders interest rates on other accounts, even if those other accounts are not in default.

In the USA, Congress has been slow to introduce credit card reform legislation. A push toward expanding the disclosure box and incorporating balance payoff disclosures on credit card statements could help clarify credit card debts] ramifications.

In the UK, there has recently been increasing concern about the minimum payments required on outstanding credit card balances. Until the mid-1990s the required minimum monthly payment was generally 5% of the outstanding balance, petition in the last 15 years to attract customers has led to this figure being eroded on the premise that the minimum monthly payment to service a debt will be lower.

Typically, credit panies now only require a monthly minimum payment of between 2% and 3% of the outstanding balance, or a fixed cash fee, whichever is the greater. For example, on a debt of £1,000, the card holder can expect to pay back only £20 - £30 per month.

Unfortunately, some people are not aware of how long it can take to repay a debt when only paying the minimum each month. An example of this: by paying 2.5% of the debt each month, while accruing interest at 14% in line with modern credit card interest rates, it can take over 14 years to pay back an original debt of £1,000.

It has recently been suggested that credit panies include a warning on their statements discouraging customers from paying only the minimum, however panies have so far acted upon panies which do include a warning tend not to inform customers how long full repayment will take, i.e. they discourage users from making just minimum payments but do not explain why.

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