FREEDOM FORUM: Add a Comment

Article Image

• The Business Insider

Comment mine Notice they gave them plenty of time to do just that! This isn't suprising, but it's annoying. U.S. banks keep raising credit card rates, increasing their profit even though they've enjoyed steep discounts on their own borrowing, courtesy of Uncle Sam. CNNMoney.com: The Pew Safe Credit Cards Project said Monday the median lowest advertised credit card rate rose to 11.99% in July from 9.99% in December. At the same time, the group said, the profit banks made on credit card debt rose 46%. ...The study said the rate banks charge on credit card loans on top of what it costs to borrow from the Federal Reserve rose to 8.74% in July from 5.99% in December. That came as banks' borrowing costs were cut in the wake of the Fed slashing its benchmark interest rate to a range near zero percent. The real issue is that on Thursday, Obama's new credit card rules go into force. These rules limit the card companies' ability to unilaterally raise rates.

News Link • Global Reported By
Max 1000 chars
Tag as "Crude or Lewd"

You are free to comment on this discussion in any way you feel is appropriate. If you choose to use to use any language which our editors feel is vulgar -- by their standards -- your comment may be tagged "Crude or Lewd" and may be filtered out of the discussion by those who prefer not to read that sort of thing. If you know you have entered something which will cause your comment to be tagged, we ask that you tag it yourself to save us the time. We do encourage everyone to be civil and not make rude attacks on other people in the Forum. We don't censor out those remarks, but few people enjoy reading them and we would like participation in our Forums to be a pleasant experience for everyone. And, by concentrating on what is said instead of who is saying it, even those who may disagree with you will be more likely to consider your opinions valid.

Thank you for your cooperation!