What can you say for someone who would hold your cash and pay you 1% to 3% interest, then lend that same money out at 15-30%! Would you say this is a good deal? A fair deal??
from CNN Money:
In 2007, the top 12 card issuers earned a combined $19 billion from credit cards, according to The Nilson Report. A year later, amid the financial meltdown, profits for those companies fell more than 65 percent to $6.32 billion. The plunge was largely because defaults ballooned as unemployment soared.
FICO Inc., the company best known for its credit scores, projects the average card will generate less than $100 a month in revenue within three years, down from $200 a month before the law.
That helps explain why the industry reacted so aggressively to the latest credit-card legislation.
SUPPORT CREDIT UNIONS and co-ops that use deposits to help borrowers, not gouge them!
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