You must have the cash to pay them in full.
You know what though, life happens. Not everyone uses their cc’s for material goods— some use them for medical bills, growing a business etc...
Besides, 32% interest (the “maximum allowable by law”) is usury.
Whereas, of course, 28.8% is not, proving that we have the best legislators money can buy.
I agree: 32% APR is usurious, but it's not the "maximum allowable by law." National banks are governed by federal regulations and thus are exempt from state usury laws. In addition, the maximum interest rate allowable by law is that of the state in which the issuing bank is located.
Ever wonder why they are located in South Dakota (Citibank), Nevada (WaMu/Providian), Arizona (the original Bank of America), Delaware (MBNA-Bank of America, Discover, and Chase)?
Some credit cards now have default rates of 40+% APR.
How about more like "loan-sharking"?
You posted: You know what though, life happens. Not everyone uses their cc’s for material goods— some use them for medical bills, growing a business etc...
Besides, 32% interest (the “maximum allowable by law”) is usury.
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That rate isn’t usury in all states. In any event, the point is that if you use credit be prepared to pay it back. The only reason rates are this high is because of the credit history of the card holder. No one forces anyone to take these cards, or to use them. Consumers have a duty to understand what they are getting themselves into.