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I just don’t know how the government allows this type of lending! I understand the higher the risk the higher the rate but there should be some control over the top rates banks can issue. Keeping people in debt is a boon for the banks but it’s a bust for our nation.

People in debt save less and are less likely to have money saved to take care of themselves when they retire. Forget about social Security it might not even be around for the coming generations.

I know critics will say that if people are not responsible then they should get higher rates. I agree but at what cost? Because at the end of the day when people are deeply in debt and they declare bankruptcy, or have no money in the bank post retirement, I am sorry to say we all will have to pay for them in forms of higher taxes and bank fees/inters rates.

When it finally does — or when you head out in search of credit — the “deals” can seem like anything but. First of all, high annual percentage rates, to the tune of 18%, 20%, 22% or more, are common on credit cards offered to those with poor credit.

Credit cards for the desperate - MSN Money

technorati tags:High Rate Cards, debt

This entry was posted on Friday, September 15th, 2006 at 7:50 am and is filed under Debt . You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.