Maximum credit card interest rates? Necessary? 15%
Currently discover card is at max 24 to 27.42% APR.
31-35, M
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jehova · 31-35, M
@MarineBob im aware of that but at a 24% interest rate if im ever unable to pay it off before the next credit addition; hence why credit exists at all. If interest is more than inflation the rate of inflation increases as the buying power of a currency is further buried by being implied as underwater to its own pending payment.
swirlie · 31-35, F
For as long as I've had my own credit card, the APR has always been at least 21%. That is why credit card companies are owned by the banks. Credit cards are not designed to provide low-interest credit-loans to consumers, they're designed to make money where the bank wasn't able to make money by loaning money at only 6%.
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swirlie · 31-35, F
@jehova
American debt continues to rise because debt is part of American culture that has been taught as 'normal financial behavior' for the past 80 to 90 years in America.
It all got started with the government telling people to borrow money from the bank and buy all they needed with it, which was a game plan that was intended to jump-start the economy after the Great Depression of 1929.
What the government forgot to tell everyone was to re-pay their bank loans. Americans are not a rich culture of people because they are largely an uneducated society which is why everyone including the US government is so far in debt.
American debt continues to rise because debt is part of American culture that has been taught as 'normal financial behavior' for the past 80 to 90 years in America.
It all got started with the government telling people to borrow money from the bank and buy all they needed with it, which was a game plan that was intended to jump-start the economy after the Great Depression of 1929.
What the government forgot to tell everyone was to re-pay their bank loans. Americans are not a rich culture of people because they are largely an uneducated society which is why everyone including the US government is so far in debt.