>>> Whether the rate is 13% or 21% or 29%, they are too high...usurious.
If you know that going in, what's the problem?
There are unfair situations where credit card companies knowingly grant credit to people who shouldn't have it, then run the rates up on them. But other than that, people ought to know by now what the racket is.
Joe Biden, more than any other politician, is responsible for this mess because he was taking money from the DE credit card companies to protect them from bankruptcy. And he, more than any other, arranged for the banks to be protected.
Prior to Biden's actions, borrowers always had the threat of bankruptcy to allow them to negotiate the interest rates down. After the Biden legislation, that isn't an option. A highly anti-consumer provision in the bankruptcy law. Bush didn't have to sign it, either.
13% is certainly an appropriate rate, and for some, 21% is, too. 29% ought not be allowed but these are under state's jurisdictions. |
