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Strategies & Market Trends : New US Economy Policy
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To: Arthur Tang who wrote (148)4/27/1998 9:01:00 AM
From: Arthur Tang  Read Replies (1) of 435
 
The new economy and which interest rate?

Credit card interest rates are still all over the place. As high as 22-24% by some Banks who cater to Retailers. Retailers (such as Compusa)may have weak customers, but all Bank (Beneficial National Bank) credit card customers get penalized. Compounding that kind of interest rate, and all those customers will have to be dumped in the river, with a concrete block tied to their ankle for non repayment of credit card loans.

The credit card business is now being repaid in a high rate, new business has to be attracted by 4.9% (Chase and Avanta) initial interest and many, many toaster give aways.

Most large banks and non-bank credit cards are in the 13-15% rates. If computer software document management can provide better efficiency in collection; we expect that FEDS will introduce encouragements to move credit card interest rates similar to mortgage interest rates to better, the standard of living, by shifting the spending of disposable income to where it counts.

FEDS' work on the mortgage rates is an indication of things to come. All other interest rates are comfortable and will remain unchanged; while credit cards are being look after. The credit card holders' bankruptcy problems will be resolved by the FEDS in a few years.
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