These Rates Would Shock a Loan Shark

Just in time for Thanksgiving last year, a credit card offer arrived in the mail. The (introductory) rate was 2 percent. Malcolm S. jumped. A student at Medgar Evers College in Brooklyn, Malcolm was looking after the affairs of a grandfather in a nursing home.

Soon, he had run up $2,000 in charges. Even sooner, the 2 percent rate vanished.