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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: mishedlo who wrote (24205)	2/24/2005 6:46:39 AM
From: Crimson Ghost	Read Replies (1) \| Respond to of 116555

Excellent post Mish. You really hit the nail on the head! To carry your line of reasoning step further, I am beginning to wonder if the reported "interest rate" on credit card debt is as phony as the CPI? When all these fees and penalties are added in, the "real" interest rate on credit card debt is a lot higher than officially reported. These shylocks also are starting to remind me of heroin pushers. They make the first credit "fix" as easy as possible so as to "hook" as many as possible to an addiction that will prove disastrous to many over time.

To: mishedlo who wrote (24205)	2/24/2005 9:45:27 AM
From: RealMuLan	Read Replies (1) \| Respond to of 116555

>>how long will they put up with freeloaders like me who pay off their balance every month?<< Mish, you are not a freeloader for the banks. They charge anywhere from 2% to 5% of all your transactions from retailers where you use your credit card. Considering the current low interest rate, they are having a pretty good deal from you and your retailer. And you can actually get paid from the bank (what they give you back is only a small percent of what they get from retailers). The favorite card for me now is the Citibank Dividend Platinum Select card. They give 5% back for all gas/drug store/grocery purchases, and 1% back for everything else. After accumulating for $50, you can ask a check from them. This is an easy couple of hundred dollars (maybe more) a year<g>