59.9 Percent? Americans Are Racking Up Huge Credit Card Balances Once Again And Some Of The Interest Rates Are Absolutely Outrageous!
Well, it was nice while it lasted. One of the really good things that came out of the recent economic downturn was that millions of American families decided to get out of debt. In particular, we had seen a sustained trend of reduced credit card usage in the United States. It looked like Americans had finally wised up. But we should have known that Americans would not be willing to tighten their belts forever. Unfortunately, it appears that getting out of debt is no longer so “trendy”. In fact, the month of December was the third month in a row in which consumer credit grew in the United States. Prior to that, consumer credit in the United States had declined for 20 months in a row. The American people were doing so, so good. Why did they have to stop? It appears that the American people have fallen off the wagon and have gotten a taste for credit card debt once again. This time, however, the credit card companies are back with interest rates that are higher than ever. In fact, one national credit card company has hundreds of thousands of customers signed up for a card that charges interest rates of up to 59.9%.
You mean there are people that are stupid enough to actually sign up for a credit card that will charge them 59.9% interest?
Unfortunately the answer is yes.
In fact, the top rate was 79.9% before First Premier Bank lowered it.
These cards are targeted at Americans that have a poor credit history, and these days there are a whole lot of those.