It should be illegal to have credit card interest rates over 19.99%. Even that is high.
Many people did not get educated on credit cards growing up but they do get plenty of enticing offers.
Payday loans should also not exist yet skirt the federal regulations since most of the payday loans businesses are incorporated in or based in Indian reservations.
CCCs are really a form of high risk microloan products. As such the “high” APRs are justified. I think federal regulations do put a cap on the APR on loan products, but it’s still high af but not to the point of usury (ie, 100% APR)
Tie all interest rates together. Want 20% credit interest? 20% savings interest.
I really don’t understand how credit card debt is so normalised in the US.
Isn’t the whole point that people can buy things that they really can’t afford?
I justified it as a form of extra security over using a debit card. If fraudulent use of a credit card occurs, then that’s on the issuing bank. If fraudulent use occurs on a debit card, I may be on the hook for a couple of days while the bank sorts it out. For some people, they can easily tank the hit. But if you are living paycheck to paycheck. That loss of money for a couple of days may mean a few days you go without eating.
Regulations also different between credit and debit cards. This article lightly touches on the primary difference: https://www.nerdwallet.com/article/credit-cards/credit-card-vs-debit-card-safer-online-purchases
You mean a couple of weeks, not days.
No no, everything is fine. Fed told me inflation is down, and the Treasury says GDP is great and jobs are up.
They wouldnt lie, would they?
“jobs are on a all time high.”
“Are they paying a living wage?”
“Guys, there are so many jobs.”Twice as many jobs at half the price!
They weren’t lying, they just need to privatize a few more “failing” public sectors and we should be all set.
Clicked because of the Billy T thumbnail, aka Captain Riker. Oh well.
