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The Urge to Merge

July 5, 2005 10:38 PM PST

According to the New York Times, Bank of America is buying MBNA.

This is another reason why consumers should avoid carrying a balance on credit cards if they are being charged interest. As more credit issuers merge, there will be less competition. With less competition, annual fees and interest rates will rise.

Update: CNN answers some questions about the future in the wake of this merger.

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