Stephen Meade- The BullsEye Guy

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Why are interest rates for the Banks Zero and Credits Cards still Double Digits?

http://www.creditcards.com/credit-card-news/interest-rate-report-100114-up-2121.php

According to a recent report, the average credit card interest rate ROSE to 15.7%.

Huh??

Can ANYONE explain this to me?

See, the banks right now can get basically free money. Interest rates are near zero, which means the banks pay virtually nothing for the money.

However, for credit card interest, the average YOU the American Public is paying is 15.7%.

The average American family has over $15,000 in credit card debt.

When you look at all the issues the CRB (Consumer Relations Board) is supposed to be fighting for, why has this one not come up?

There is over $750Billion in US credit card debt (https://www.nerdwallet.com/blog/credit-card-data/average-credit-card-debt-household/).

You want an easy place to immediately impact consumer wallets- how about start with Credit Card interest rates!

Now, the big question, why won’t this happen?

Becuase the politicians are too beholden to the big banks.

Hey Occupy Group–want to take on Wall Street?  Go for their wallets!

Demand lower credit card interest rates and consider that an immediate pay raise.

That to me seems an easier fight than minimum wage.

 

April 2024
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