Economic Report: Bankers Get Interest Rate Cut, Credit Card Consumers Don’t

[Omaha Steve]

http://www.laborradio.org/node/7901

By Jesse Russell

What does the federal rate cut mean for your credit card bills? Not much. According to an article in the Washington post credit card interest rates have remained high and in some cases have even risen with the recent wave of rate cuts. According to watchdogs banks are hesitant to cut rates for cardholders so they can make up for money lost with the collapse of the mortgage market. Hindering the ability for consumers to pay down debt slows consumer spending and will continue to weaken the economy.

[xchrom]

1. recommend -- and recommending these institutions be investigated.

[marmar]

2. A government of the corporations, by the corporations.....

.... Screw the people!

C'est la heure de revolution!

[BlooInBloo]

3. lol - um they're not just refusing to cut credit card rates...

... they're massively INCREASING them.

http://www.washingtonmonthly.com/archives/individual/2008_02/013096.php

I suspect they're doing this because they're working on cutting delinquent mortgage holders a break:

http://calculatedrisk.blogspot.com/2008/02/lenders-team-up-to-prevent-prime.html

[gratuitous]

4. Like consumers need a break on interest rates

Disgustipatin', that's what it is! I'll bet not one of them knows the shame and humiliation of piloting last year's model yacht into the marina. The tittering amongst the staff, the outright guffawing from the other big boys. It's almost too much to bear! Bankers need an additional several million dollars in compensation to assuage their wounded pride. Consumers should just go suck on it. It was those goddam consumers who were such plump little targets for usurious credit rates that caused the problem in the first place.