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hegemony

Americans now pay their banks an average 17% interest on credit cards — the most since 1994.

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Posted (edited)

Got to love the TARP banking cartel and their interest rates! The fact is that the majority of Americans are revolvers and would be far better off with a low APR credit union card than a TARP bank card.

 

Statutorily, credit unions can only charge a max APR of 18% which is why this is the typical default rate for CU credit cards.  And come to think of it, the default rate on my CU cards is typically LOWER than the prime rate on most of my TARP bank cards, LOL!

 

I do PIF, however I currently have three CU cards currently BELOW 8.00% APR in the sock drawer just in case, which is less than half of that 17% average charged by the TARP cartel.

 

 

Edited by Rogue

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18 hours ago, centex said:

What is this interest of which the writer mentions? 

You can find this information in your credit card agreement and disclosures!

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54 minutes ago, Rogue said:

You can find this information in your credit card agreement and disclosures!

 

I think it was a rhetorical question as in "WTF here actually pays interest?"

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4 hours ago, PotO said:

 

I think it was a rhetorical question as in "WTF here actually pays interest?"

I am glad that SOMEONE recognized it for what it was...

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11 hours ago, centex said:

I am glad that SOMEONE recognized it for what it was...

I clearly recognized the comment, thus my sarcastic response which was obviously not recognized, LOL!

 

Clearly centex is a PIF consumer and is more familiar with credit card legal documents than most.

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So this article is completely meaningless.
Therefore, for most of us, there is no practical significance, our PIF regardless of our personal credit limit is 10K or $1,000K... Hello Hege.   :lol:  

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