President Retard did that 🤪
He’ll blame Putin on the evening news
You’d be an idiot to get one of those.
Credit card interest rates should not be more than 6% plus 1.5 times what banks pay on CDs to small savers.
If the bank pays small savers 2% on new CDs, then their top card rate should be 9%.
Perhaps friend-to-friend loans should not be dischargeable by bankruptcy if say less than twice the Social Security trust fund interest rate when the interest rate is set.
This would be cheaper than credit card interest for the borrower and better than bank interest for the lending friend.
The local mob loan shark just said “and dey call me a criminal?”
Lord the rate on my cards is about 29.9% with excellent credit. And I am talking AMEX cards.
I can’t believe the Democrats are for the ‘little people’ when such big interest rates are legal.
haven’t carried a balance in over 40years...
Back in the 90s, credit card companies were offering 0% interest for the first six months. Signed up, transferred everything over and started hammering the balance. After six months, signed up for another card and transferred the balance. Finished it all off. Those were the days.
I have no clue what ours are. We pay the whole balance every month. They’re not making any money on us. I hate credit cards, but it’s difficult to live in this world without any.
MBNA Joe is from Delaware.
Who is actually surprised by this?
While I understand the outrage over CC interest rates, it must be remembered that a CC is an unsecured loan with no fixed payback.
When a person makes a purchase of a day to day expense on a CC and doesn’t pay it off in the billing cycle, they are essentially borrowing money to pay daily operating costs (that’s the fiscal lunacy of government). Groceries, gas, clothing, ammunition (ha ha) are what should be out of pocket spending and thus paid when the bill is received.
If a person needs or desires something that requires financing, they should get a conventional loan. CC are for convenience spending, not financing.
A number of years ago I had an unexpected expense when we were traveling. I preferred to spread it over 6 months. When we got home I took a 6 month savings secured loan at the credit union, paid the card with no interest and the interest on the CU loan was literally peanuts. A savings secured loan is generally 1.5 to 2% above the interest you are being paid on the savings used for collateral. I paid a net $19 for financing $1900 over 6 months that way. Credit unions usually offer better terms than banks for that type of loan.
Credit cards are a horrible way to borrow money.
Will Cash Call and Western Sky signature loans reappear? Those had 99.25-250.00 APY interest rates.
Anyone who pays interest on a credit card shouldn’t have one.
But for those of use who always pay in full on time they lower the cost of everything by 2 to 5 %.
One thing about crime it’s called organized for a reason.