Credit card companies know there’s no free lunch, but they’re letting more customers get a taste as an enticement by gouging their existing card members.
The average credit card interest rate for people with fair credit has hit a shocking 21 percent, up more than 2 percent from only a year ago, according to industry group CardHub.
Good thing there is no inflation. Well, except on stuff you don’t use, like food, fuel, housing, and credit.
What’s most interesting about the credit hike is the effective interest rate the banks pay for the money they loan to you on your credit card: Zero.
Uh huh. Zero.
Thanks, Obama administration/Federal Reserve!
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