if it is how did it get started and why.how did it get so out of hand.I met a guy the other day and he told me the interest rate on his credit card is 35% with a $15,000 balance.
2007-03-13 18:33:39 · 2 answers · asked by tim b 3 in Business & Finance ➔ Personal Finance
Yes it is still true in the islamic world. It is usuary. The reason why they get away with it today is that the CC companies go somewhere like south dakota that has no interest rate caps so they can rip you off. And of course there is no jobs and nothing going on in SD, so they want the CC companies to base themselves there. our country is living in debt.
2007-03-13 18:38:04 · answer #1 · answered by michael p 4 · 0⤊ 0⤋
Also, the Catholic Church tried to stop interest from being charged. This ended somewhere around the Renaissance.
Personally, I think this stopped the development of a modern economy for several centuries.
2007-03-14 16:03:23 · answer #2 · answered by Quixotic 3 · 0⤊ 0⤋