Bank makes money off of 20% rates that more than offset deadbeats.
I shake my head as I read these populist statements. I expect you to agree with them, Mary, you are a liberal. But I expected better of Micheal97123 and John C.
High interest rates may "offset," but the banks, like everybody else in the world, are in the business of maximizing their profits. If you are dumb enough to pay them 20% interest, they are happy to take your money. But no matter how much they make off of you, they want to cut their losses from deadbeats. So they chop people off who don't pay their bills.
I still have several open cards from the days when I used credit cards for business financing. I used to run as high as 30K a month on cards, and pay them off as they came due. I have a couple of branded cards from "bankcard services" who send me offers every couple of months. One card will come with a "zero interest" offer, and the other will come with an identical envelope and letter, only the offer is "4%." The companies they work for have different rates and customer bases.
Most people are aware of the fact that they pay different rates on different cards, and adjust their use according to what is available. If people can't figure out how to do this, I suggest they either quit using cards or hire a keeper.
We have all heard and read the "tales of woe" from people who claim the Credit card companies have taken advantage of them. My attitude is it's their own damn fault.
It's a "buyer beware" world out there. Always has been, and always will be. These attempts to "cocoon" people from reality with government protection programs are just an excuse to increase the government's power. |
