Trump to focus on lowering credit card interest rates?
Long overdue.
I believe I read someplace that the administration will take steps to force the rate to 10% or lower.
Us old people remember when most charged 12% or 1% a month for consumer credit. Department stores, credit card companies, practically everyone. CC companies even had much lower rates for those with good credit histories.
How and why consumer credit interest went ballistic is easily explained as a result of the enormous national debt and banking regulations that push banks to use deposits to buy government securities rather than serve the public.
I believe I read someplace that the administration will take steps to force the rate to 10% or lower.
Us old people remember when most charged 12% or 1% a month for consumer credit. Department stores, credit card companies, practically everyone. CC companies even had much lower rates for those with good credit histories.
How and why consumer credit interest went ballistic is easily explained as a result of the enormous national debt and banking regulations that push banks to use deposits to buy government securities rather than serve the public.
