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Credit card fees transfer wealth to rich, study finds

Written by: Dana Salvo

(Reuters Life!) – Credit card fees and rewards programs exacerbate income inequality by acting as a transfer of wealth from poor to rich, according to a Federal Reserve Bank of Boston study released Monday.

July 27, 2010 @ 1:06 am Trackback URL Posted in Industry News and tagged with , banks, credit card fees, federal reserve bank of boston, Financial regulatory reform, Joanna Stavins wrote, merchants, Oz Shy, poor, Scott Schuh, wealth.

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