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You mean there are people that are stupid enough to actually sign up for a credit card that will charge them 59.9% interest?
Unfortunately the answer is yes.
In fact, the top rate was 79.9% before First Premier Bank lowered it.
Originally posted by thoughtsfull
On some of the TV adverts here is the UK for "fast loans" the little tag for APRs are usually in the region of 1734% IMHO we are seeing legalised Loansharking which only makes the problem worse... tho I have not seen a UK credit card hit the rates in the article... sad sad times ahead.
Tho I personally feel we are fast approaching the end of this iteration of our society and about to embark on a new one.. I just hope it is not to painfull for the masses..
edit on 9/2/11 by thoughtsfull because: bit of clarity
It's my opinion that the banks are going to keep finding ways to draw business no matter how bad people are suffering.
The regulations will continue to favor the banks and take advantage of people's willingness to 'buy into the madness' for as long as possible.
I'm sure the banks would love nothing more than to get rid of paper and coin altogether.
People have been misled over time to believe that cash is no longer King.