I Hate Banks

Life and All That

Ever notice that when interest rates went down to record lows, credit card rates didn’t go down. Oh, some banks would have introductory rates that would be low for like six months then they skyrocketed. Well, now that interest rates are going up, the credit card companies are increasing theirs. Just got notice from a couple that first of the year, their default rate will be prime rate plus 23.99% currently 28.74%, that’s usury rates, loan shark territory.

Greedy bastards.

Notice too that when mortgage interest rates fell, housing costs increased proportionally. They got their money either way.

I so hate banks.

I hate work too, had a bad night last night so I’ll be sleeping it off.

posted by mog on 11.13.04 @ 09:13:09 |

4 Comments so far
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I think perhaps it is time for usuary laws to be reinstated. Rates like that make it nearly impossible for middle income people to buy anything on time and be able to pay it back.

Sears has very high interest rates, also. :mad:

By Beth Donovan on 11.13.04 10:18:53

And that is why I avoid credit cards like the plague. Student loans are bad enough, but to add that kind of debt on top of it? Uh uh.

By Ben on 11.13.04 10:24:39

29%. Wow. I almost can’t believe it.

By austin mls on 11.13.04 14:17:40

Sorry you had a bad night…Please take care of YOU as much as possible. These are some rough times for us. If you have the stress that I have and I sense you do we are just adding to the disease …so my friend I send you the best I have and hope things improve for you.

By Sweet N Sassy on 11.14.04 15:00:31

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