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Originally Posted by busterb
This month my bill shows a periodic finance charge of $13.69 on a balance of $1,914.35. What is the real interest rate?
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8.5%. Not bad so quit yer bellyachin.
What the credit institutions or, rather, the secondary investors who are buying debt backed by credit card balances are beginning to realize is that the new law is going to produce a substantial increase in bankruptcy filings. So the credit card company lobbyists have been asked to switch gears from paying Congressmen and Senators to change the min pmt law to paying them to change the bankruptcy laws. Not if but when.