[quote=moneymaker]I agree they are probably the best, but a message has to be sent, they are all way too high for the economy we are in. The only way I can see it is they have massive fraud going on and cannot control it.[/quote]
I disagree.
A credit card is an insecure loan. If people want to “borrow” money to fund their purchases of useless junk , fine. But then it’s fair game for CC companies to charge them 18+% APR if they only make minimum payments.Credit card bills are already pretty clear about it. When you get a $3000 bill on your credit card, they say “if you make minimum payments, it will take you X years to pay it off”….And yet people still do…
Don’t like the terms? They can use a debit card. No one is holding anyone at gunpoint to “borrow” money from the credit card company. I don’t have a lot of sympathy for people that use their credit card “loans” as if it’s money they don’t actually have to return. No different then HELOCing their home to death to buy useless bling. I don’t have much sympathy for people that do that too.
