Usury.
Yep. I think that's why a lot of people are maxxing their credit cards, they expect a bailout.
Any moment now, Joe will go on TV to complain about credit card companies ripping off consumers with high interest rates and to tell them to “do the right thing” by reducing rates.
It is essential that all this debt - all of it - be cancelled.
It’s a drag on production, and it counts in GDP on the creditor side even though most of it will never be paid - the Treasury equivalent of NFL dead cap space.
Read your Bible.
I just got a notice that my credit card rate was increasing. I pay it off every month so that is not a problem with me.
Two taxes on the math challenged are lotteries and CC interest. At 29% you are paying twice the cost in 2.5 years. Talk about measly inflation rates.
Basically people are renting money so they don't have to wait until they've saved up for what they want. That can be risky.
And interest rates?
Biden's foolish spending is causing interest rates to go up, price of groceries to go up, prices of housing to go up... and the price to rent money to go up. Elections have consequences...
During the mafia days, that would be considered loan sharking.....
NOT GOING TO HAPPEN, All the credit companies are incorporated in Delaware for a reason. Biden has been bought and paid for, for many many years, he will NOT go against them for any reason.
$25 billion is not that much money when you consider that 190 million Americans have a credit card.
Averages out at $132 per card holder.
Instantly available credit is a luxury (or curse) that most Earth residents have never had.
I am glad I have the option, since I never know when I might need it.
Yup. Joey Bidenskyyyyyyyyyyyyy’s Credit Card “Forgiveness” Club. The Dung Beetle Party has given out millions of credit cards to their new illegal alien voter base and they’ve got to be paid off somehow.
Like I did with my student loans, I am paying off credit cards and not using those with higher interest rates, however paying cash is getting difficult as more and more merchants will not accept cash. It’s only a matter of time before the Big Guy seeking his election will bailout credit card debt, particularly if someone is caregorized as DEI or illegal immigrant .
I thought exactly the same thing, Biden will cancel credit card debt.
What I suspect he’ll do is order these companies to cancel debt and legislate “new, more equitable” interest rates for credit cards.
Glad I paid the damned things off decades ago and haven’t used one since...