Why do we allow credit card companies to charge insane interest rates ?

Answer 1

They can only charge you interest if you fail to live within your means and don't pay back off the balance in full every month. I've used credit cards for decades and have never paid a cent in interest. I actually get back over $300 every year in cashback rebates.

Answer 2

We are still living in a Democracy and you have the right to remain silent.

There is a new Company accepted everywhere and you can use them to pay for everything.

It's called the Federal Reserve and instead of Credit Cards they offer pieces of paper called Federal Reserve Notes and they DON'T CHARGE INTEREST if you use them!

Can you believe it?

It's totally FREE to use their services.

Answer 3

Supply and demand. As long as there are people who want credit bad enough to pay the high rates, and have bad enough credit that they cannot get lower rates, the high rates will exist. That's the nature of supply and demand, whether the supply is something tangible, like a shoe, or intangible, like credit.

Answer 4

its creditor's strategic agenda in the beginning, enticing people with those good advertisement, pre-approval, high limit, low interest on the first year or so, and should be blame on the applicants own accountability, forgetting the black and white written agreements on the bottom of the form. when you missed the due date, the payment, the over the limit, it do sky rocketed the bill amount and that add penalty plus the interest were calculated enormously.

Answer 5

people love to buy a stuff which they can't affort it and they can't payback !!

Answer 6

we are idiots