Image from source, National Ledger
Holy crap. 79.9% interest? Are you frackin' kidding me? I remember not so long ago when Democrats in Congress were trying to pass a 30% interest cap on credit cards, and Republicans--as they are wont to do--voted, "no!" But could even the "f**k the poor" GOP have forseen 79.9% interest? I guess my 12.9% Discover card isn't so bad after all.
[Excerpt]
Credit card's newest trick: 79.9 percent interest
It's no mistake. This credit card's interest rate is 79.9 percent.
The bloated APR is how First Premier Bank, a subprime credit card issuer, is skirting new regulations intended to curb abusive practices in the industry. It's a strategy other subprime card issuers could start adopting to get around the new rules. . .
The bloated APR is how First Premier Bank, a subprime credit card issuer, is skirting new regulations intended to curb abusive practices in the industry. It's a strategy other subprime card issuers could start adopting to get around the new rules. . .
Read more at: National Ledger
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