Credit card companies are gouging consumers. A well-known company I’ve used for years recently sent me a notice saying, as of Sept. 27, it will be charging its customers an unbelievable 31.39% variable APR for purchases and advances.
There should be a law against this insanity, and the interest rates need to be capped to protect the public. I know rates vary according to a person’s credit rating, but there needs to be a limit. I faithfully pay on time and have very good credit so why am I being victimized?
Fortunately, my balance is low and you can bet I’ll be paying that one off in a hurry — never to use it again. These people will be running themselves out of business when their customers drop them like a hot potato. It’ll be interesting to see what develops. I’ll be watching this swindling gouger.
An article in the Washington State Standard says, “Credit card companies are gouging consumers with record high APR margins, which sit on top of the Fed’s already high interest rates. High interest rates are actually causing more pain than the inflation that it is trying to combat.” When is the government going to do something about this?
