Selena Maranjian from The Motley Fool writes about credit card rates going up in an article aptly titled, How to Owe $40,000 by Doing Nothing.
She includes tables showing just how damaging having a 40% APR on your credit can be. That’s a pretty high rate, and apparently it’s a more common penalty rate for those people who don’t keep up with payments.
Update: Well honestly, I was overwhelmed reading about credit cards with a 40% interest rate. Tonight I came across a news article about a new British credit card with rates between 50% and 70%. The article implies that the extra income the credit card company acquires from these fees go to the upper executives in the form of salary and pension.
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