With 77 million Americans having debt past due [2] and the average household owing more than $15,000 in credit card debt, it appears the Fed's supposed plan to 'help Main Street' is not working so well. As the following chart from NewEdge's Brad Wishak shows, despite Fed Funds at practically zero, US credit card variable interest rates continue to rise - now at their highest since July 2001.
More
DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
Of course credit card rates are at all time high.
ReplyDeleteRemember the stupid legislation they passed that allowed the card sharks to charge up to, what, 33% or something obscene like that?
The legislation did something "good" like restricting certain fees or whatever, but in exchange to their bank lobby buddies, this is what we got.
I forget all the particulars, but at the time I remember thinking, OMG, we're all SCREWED!
Can anybody comprehend going without something for just a little while? Why is it the American way to want everything right here and right now? I eventually get whatever I need to exist,but not until I have money to buy it.
ReplyDelete