http://www.creditcards.com/credit-card-news/interest-rate-report-100114-up-2121.php
According to a recent report, the average credit card interest rate ROSE to 15.7%.
Huh??
Can ANYONE explain this to me?
See, the banks right now can get basically free money. Interest rates are near zero, which means the banks pay virtually nothing for the money.
However, for credit card interest, the average YOU the American Public is paying is 15.7%.
The average American family has over $15,000 in credit card debt.
When you look at all the issues the CRB (Consumer Relations Board) is supposed to be fighting for, why has this one not come up?
There is over $750Billion in US credit card debt (https://www.nerdwallet.com/blog/credit-card-data/average-credit-card-debt-household/).
You want an easy place to immediately impact consumer wallets- how about start with Credit Card interest rates!
Now, the big question, why won’t this happen?
Becuase the politicians are too beholden to the big banks.
Hey Occupy Group–want to take on Wall Street? Go for their wallets!
Demand lower credit card interest rates and consider that an immediate pay raise.
That to me seems an easier fight than minimum wage.
Are you suggesting that you do want the Feds to raise rates?
No Brian. My point was, was have Credit Card interest rates no declined? There has been no push against the major banks to lower interest rates. The Average Household has $15,000 in credit card debt and an average interest rate of 15%. The Consumer Relations Board was “supposed’ to take on bank for consumers, and has done nothing in an area as simple as this. Where is the pressure and outrage from the Left and Democrats? Instead, there is a push for more free programs. I just thought this was a simple area to attack, and would have an immediate impact on many Americans. https://www.nerdwallet.com/blog/credit-card-data/average-credit-card-debt-household/