I was listening to NPR this morning and heard some scary facts about our current economic system as a nation. With a savings rate of only 1-2 percent, Americans owe an average of $8000-9000 on their credit cards. This is all on a country where Nabisco's Easy Cheese needs instructions that read: "For best results, remove cap." - good luck.
Unusually enough though, credit cards seem to be the only product where the terms and conditions can be modified for any reason and at any time by lender. Raising variable interest rates for sometimes arbitrary reasons. One of the strangest reasons I've heard yet is raising your rates for becomming past due on some other bank's loan.
No comments:
Post a Comment