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Consumers interest rates for credit card debt should not be based on his or her credit score Card Essay And Term Papers 2011 Using consumers credit score to determine the interest rates on consumers credit cards will make the consumers credit score be unpredictable Consumers with bad credit scores will have a hard time building their credit score Consumers with good credit could ruin their credit faster and they will have a hard time as well Using consumers credit scores to determine the interest rates on credit cards will affect the lender in one or two ways good andor bad The lender can make a large amount of money from a consumer The lender also can be affected negatively because of consumers defaulting on credit cards loans etc and consumers would become more of a wheel able consumer The economy could also have a big impact of consumers ability to pay their credit card debt loans etc Interest rates are steadily increasing due to the economy If interest rates increase it will be harder for consumers to pay their credit card debt loan etc Although consumers with a good credit score would enjoy their interest rate for their credit card debt to be based on their credit score it could easily destroy their credit score and make it harder and longer for them to rebuild their credit score due to the economy the way it is now and in the future which will affect the lender Using consumers credit scores to determine the interest rates on their credit card debt will affect the consumers credit score dearly and take almost a lifetime to rebuild The consumer could easily default on the loan credit card payment etc due to unpredictable interest rates If the consumer defaults on the loan credit card payments etc the consumer could easily destroy his or
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