Yet Another Congressional Broken Promise
Yes, I realize the title is redundant.
CardWeb reports (”Rate Burn”):
For the first time in the U.S., punitive interest rates charged by the top U.S. general purpose credit card issuers will slip past the 31% barrier. Due to the increase in the prime rate this week to 7.25%, Chase, Citibank, and Bank of America will begin charging some cardholders next month an annual interest rate of 31.24%. The three issuers set their rates at prime +23.99% for cardholders who miss payments, exceed the credit line or whose credit score deteriorates.
Wait. I thought those “friends of the little guy” in Washington were going to get around to doing something about this before the end of this year. Didn’t they tell us this when “Bankruptcy Reform” passed?
Oops.
That is ridiculous! The lobbyists for these credit card companies as well as the elected officials who allow this blatant rape of Americans to take place should be castrated with butter knives…
Comment by Christian — December 20, 2005 @ 6:19 pm
#1, I prefer circular saws, but I’m with you.
Comment by TBlumer — December 20, 2005 @ 7:38 pm