Why Creditcard Interest Rates Are High
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Uploaded by order9066 on Nov 13, 2010
Credit card interest rates can be very high. Let's find out why. According to the Consumer Action survey, card issuers raised rates if any of the following occurred; the number that follows each item is the percentage of banks using such a trigger.
Credit score gets worse: 90.48%
Paying mortgage, car loan or other creditor late: 85.71%
Going over credit limit: 57.14%
Bouncing a payment check: 52.38%
Too much debt: 42.86%
Too much available credit: 33.33%
Getting a new credit card: 33.33%
Inquiring about a car loan or mortgage: 23.81%
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My credit card interest got over 20% before I defaulted. No job, no money, no payment.
rayme4raw 1 year ago
Stupid is the one who take these cards. The bank sees no reason to lower interest rates as long as people cooperate with their policy.
asperin 1 year ago