45% credit card offer

[superconnected]

I don't own any credit cards. I won't. I know visa and master card are only names leased by banks. The banks are the credit card companies. The take your money, lend it back to you.

Recently when I was shreding credit card offers I saw one for 1%. I thought that was way low so I flipped it over to see the after teaser rate. It went %45 percent after 3 months. That's not late, no fee, that's the actual rate after the teaser period.

OUCH!

People who take them up on it are going to be eternally in debt.

That's 45% a year.

I can't get over it. Thought I would post here to let you guys know how far they have jumped now. I'm sure it's a new record.

[CatholicEdHead]

1. Ouch

that sure fits the definition of ursury. It is all about bigger and bigger profits for the companies, even though they are draining their cardholders dry.

[superconnected]

2. I don't understand why the dem politicians aren't fighting to cap this

This really should be illegal. Most American households are swamped in debt. I think I read somewhere that the average household has 11,000 in debt. That's compounding interest, many at the highest rates you can get.

[CatholicEdHead]

7. Credit Card companies pay them off

just enough to not rock the boat.

[Double T]

3. And this has only been made possible by our elected representatives.....

on both sides of the aisle who sold out the American public in favor of the corrupt loan shark banks. Remember when loan sharking was illegal!!!
It's beyond time to clean house at every level of government and demand term limits.

[liberaliraqvet26]

4. holy crap

that is legal?

[ovidsen]

5. A new high. Er, low.

I've seen some outrageous interest rates on plastic, but that takes the cake.

This should be illegal. But I'm pretty sure it isn't.

[earth mom]

6. Ever see the rates on Payday Loans?

You are talking 300% in many cases! Once you get one it is hell to get out from under it if you are already living as the working poor and have to juggle bills on a daily basis.

[CrispyQ]

8. These guys are no better than mobsters.

Sure, they don't break your legs, but they leave you destitute & homeless.