The 'Crime' of a 20 or 30% interest rate was once a crime called loan sharking. The credit cards are part of the criminals that have BOUGHT off OUR Congress for years.
I looked up the definition of loan sharking awhile back and the floor IIRC was 35%. I see 30% all thw time and it doesn't matter what your credit score is. Bumps right up to it. Total scam.
When the CEOs of Visa, Master Card and AX testified before Congress, Cruz asked what their profit margin was and every one of them said 50% or more. Think about that a minute. They do not produce a product, all they produce is CREDIT. Master Card does $28.17 billion in annual revenue---2024---and over HALF of that is profit! You can buy a LOT of Congressmen with 14 billion dollars to play with!
Jefferson county calirado vehicle registration on a 20 year old vehicle: a list of maybe 20 ‘fees’ which are illegal taxes, including $0.60 for the year sticker, clerk hiring fee, road safety fee, road repair, bridge, law enforcement and on and on.
There are businesses now who charge you 3% of your bill if you use credit card. I am fine with that. A break for using cash. You beat their system by paying off the balance every month and collect the incentive for using the card.
Interest rates don't matter if you're not in debt. My business charges a fee for card users - just enough to cover what I get charged for processing. Why should a bank make money off of my labor just for THEIR customer's convenience?
I do take advantage of no interest loans (cars) and credit cards that give you a discount for using a card. I.e. large appliances. Then pay them off. Won't go to that trouble for small purchases.
The 'Crime' of a 20 or 30% interest rate was once a crime called loan sharking. The credit cards are part of the criminals that have BOUGHT off OUR Congress for years.
I looked up the definition of loan sharking awhile back and the floor IIRC was 35%. I see 30% all thw time and it doesn't matter what your credit score is. Bumps right up to it. Total scam.
Just paid off my mortgage credit score fell by over 5 %.
When did I agree to having this data collected and used against me ?
By time they're done with a $100 bill, they have to print more just to give you a loan. It all disappeared in fees.
Aaand it's gone.
When the CEOs of Visa, Master Card and AX testified before Congress, Cruz asked what their profit margin was and every one of them said 50% or more. Think about that a minute. They do not produce a product, all they produce is CREDIT. Master Card does $28.17 billion in annual revenue---2024---and over HALF of that is profit! You can buy a LOT of Congressmen with 14 billion dollars to play with!
Jefferson county calirado vehicle registration on a 20 year old vehicle: a list of maybe 20 ‘fees’ which are illegal taxes, including $0.60 for the year sticker, clerk hiring fee, road safety fee, road repair, bridge, law enforcement and on and on.
The actual ‘registration’ tax? $3.
Total cost: $102
There are businesses now who charge you 3% of your bill if you use credit card. I am fine with that. A break for using cash. You beat their system by paying off the balance every month and collect the incentive for using the card.
^^^^° This ^^^^^
Interest rates don't matter if you're not in debt. My business charges a fee for card users - just enough to cover what I get charged for processing. Why should a bank make money off of my labor just for THEIR customer's convenience?
I do take advantage of no interest loans (cars) and credit cards that give you a discount for using a card. I.e. large appliances. Then pay them off. Won't go to that trouble for small purchases.
My auto repair place does that, but thankfully it was 0% when using a debit card and I had the funds to cover it.