Are Credit Cards The Next Financial Crisis?
Please tell me with all the technology and resources available why the government, the fed or anyone could not tell in advance that all the easy money the last seven years was a recipe for disaster?
In this article, it discusses that credit card companies are having to make up for losses by raising interest rates and lowering limits.
No one should feel sorry for these credit card companies or these banks. They make an unbelievable amount of money from the interest everyone has to pay each month as well as every time someone swipes a credit card for a purchase. The person at that cash register has to pay a percentage from each transaction. The "life takes visa" commercials are briliant for acheiving their goals. It is obviously working at getting everyone to just pay with plastic instead of cash. Everytime that card is swiped they make money from that transaction as well as from the interest you pay every month on your credit card bills. They also raise the interest rate when ever they want without telling you.
Labels: Credit Cards
Posted By: Joe on Thursday, July 31, 2008
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