59.9%? Americans Are Racking Up Huge Credit Balances At Outrageous Interest Rates.

59.9%?

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.

Article:www.infowars.com...

In all fairness,I don't think it's always a case of stupidity which drives people to these types of cards targeted at high-risk consumers. I think it has more to do with the fact that people have simply gotten themselves in a position where it's literally no longer possible to live within their means and they feel that credit cards are the only way they can survive.

Unfortunately,these types of high-interest credit cards only exacerbate people's financial problems which then leads to signing up for yet more of these credit cards just to stay afloat. Debt seems to be ingrained in American culture. Until people finally decide to get really serious about trying to solve the nation's economic problems,this game will never change.

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. People have been misled over time to believe that cash is no longer King.

I'm sure the banks would love nothing more than to get rid of paper and coin altogether. There's no real money in it for them. That's pretty ironic I guess. The move away from cash is already starting. Consider this,some cities are longer accepting cash to pay bills (or may be considering moving in this direction).

Take a look at this recent thread about how it here on ATS:

www.abovetopsecret.com...

Now you may think that this is no big deal. You can simply use your ATM card,credit card or debit card to pay,right? Sure, you can. But, consider this: In America,in order to even get one of those cards, you must go through a credit check. For some people, this is the financial equivalent of a death knell.

You guys have heard it before but I'll say it again: the more debt there is,the more money there is. The system demands your participation, whether you want to or not. And,it is absolutely spiraling out of control and I think these new high-interest cards along with the new, tough home loans laws are part of a series of chaotic,final attempts at kick-starting what is likely an already dead economy.

There's just no end to the madness...

reply to post by FlyingJadeDragon


Infowars propaganda ehh??
Who knows maybe this one is real for a change.
If people were using cards with such a high rate, i would say it was probably on account of they are unemployed and charging to keep the boat afloat.
Hey if the US can do it then why not the average joe?

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..

reply to post by g146541


Right, I mean they have second and third-tier providers everywhere who specialize in 'helping people with less than perfect credit'. They seem to have programs designed to give pretty much anyone access to credit. Credit is pretty much what keeps the whole rickety system moving. The more credit they extend,the more debt there is. The more debt there is,the more money there is...

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

Yes, other lucrative industries are pay-day loans and pawn shops. Just more gears in the machine to help keep things going. I'm personally against both of these as they do nothing except encourage bad spending habits by being there as a 'quick fix'. I've seen people get caught up in both of these types services and they can be grueling to break free of once you've gotten in debt to them.

It's my opinion that the banks are going to keep finding ways to draw business no matter how bad people are suffering.

Isn’t that their job? If they don’t have business then employees will be terminated.

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.

Think of what that would do to the drug trade. Think of what that would do to the Quick Mart hold ups.
Bank robber: This is a stick up! Give all your plastic!

I for one enjoy the safety and convenience of plastic. The transaction is not fully complete until 60 days later. Returns are easier.


No plastic is so much more convenient. I doubt that most card holders can’t survive without them, it’s just that cash is a pain to use. Consider someone who exits bankruptcy and has a job that requires traveling. What are their options?

I'm sure the banks would love nothing more than to get rid of paper and coin altogether.

What regulation are you speaking of?

People have been misled over time to believe that cash is no longer King.

reply to post by FlyingJadeDragon


The thing is, from top to bottom all we are only quick fixing the problems we face as a society.. I believe the framework we work within as a society has come to the end of life of this version..

It is not just a case of time to start anew, but rather recognise that each time a society gets to this point as lawlessness, corruption and greed increase we get closer to an ending that seems to only end up major conflicts, diseases, and famines.

If we as a species can recognise that, perhaps we will learn to jump over the nasty bits.. but then again perhaps the nasty parts are a cleansing process?

What I do feel is that we are fast approaching that point.. and the manipulations of the establishment to maintain power and control will only make that end point more painful.