Word: annually
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Dates: during 1990-1999
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Students will get to meet Michael Waldman, along with the other five IOP Fellows, during the annual Open House Sept...
...pennies are disappearing. A big factor, though, clearly is people's low regard for the things. Few carry them to spend or are willing to lug heavy sacks to the bank. James Benfield of the Coin Coalition, a lobby group for eliminating the penny, figures that 25% of annual penny production ends up in landfills...
...what better way than with the fine print? Last year the industry mailed a record 3.4 billion solicitations, luring consumers with the promise of low rates and no annual fees. But even as the number of pitches skyrockets, the growth of debt is slowing--and providers of plastic need new ways to bolster their bottom line...
Even American Express, which makes much of its money from merchants on its credit and charge cards, is using its popular Membership Rewards program as a fee generator. The company has hiked annual fees in the program 60%, to $40. If you want to link your personal card with your corporate card, that's another $10, please. And if you're late with your card payment, you pay a fee of around $15 and forgo your points for that month--unless you ransom them for another $15. Like many issuers, Amex has added a mandatory-arbitration clause, so customers...
...some extent, the industry is trying to wriggle out of a trap of its own making. Competition has knocked down interest rates, and thus more people can pay down debt. Annual interest income has grown from $52 billion in '96 to $58 billion last year, while charges have risen twice as fast, from $798 billion to $975 billion. In March consumers repaid some 15% of their outstanding balances, a 10-year record, according to Moody's Investors Service. "Since they can't get it at the front end, they get it at the back end," says Robert McKinley...