25% interest rate or higher on most credit card debt.
What could go wrong?
Yep. A more sinister effect of Bidenflation. You finally see that the auto payments that were quickly reducing the balance now don’t cover the minimum payment. Republicans should be shouting this everywhere.
Credit card companies are getting filthy rich.
Would it destroy them if they lowered the interest rates?
I was offered a 20k VISA by a company called Upgrade with an interest rate of 15.9. At the time my credit was fair at best so I accepted it. I also got a personal loan from them of 7k to replace my homes a/c at 7% interest. I paid it off as scheduled 36 months. The VISA is also set up for 36 month payoff for all charges and does not allow a small minimum payment that takes forever to pay off. It has been a blessing and I am now debt free for the first time in over 40 years and have an 811 credit rating after 5 years switching my credit needs to Upgrade VISA.