Have Stores Lost Their Minds? 28% Interest Rate....

But still 28 percent?

I guess what i was getting at is everyone is looking for best cheapest price for the product being purchased at the time of purchase without thinking of paying even one time a 28% charge because they can only afford to pay the oh what do they call the interest/charge card fee off and not the actual price of the item charged so they become stuck in a credit card fee/charge cycle/looooop where they can't afford to pay off the total bill owed...i just sat here thinking if someone bought a hundred dollar item and then could not pay it off they would owe 28 dollars a month and 336 dollars for a year is this right or wrong? So if you could not pay the item off for a hundred you are basically buyingpaying for the item for over three times the price to some credit company for basically loaning you a hundred dollars...isn't this loan sharking/or is the government okay with this illegal practice also....i mean the average worker only makes a 3.5 % raise if they are lucky and the banks only give maybe 3.5% interest on any account so how do banks and credit card companies get to charge over 7 times the going rates...talk about the criminals having all the rights....

Well now that all the banks are getting "Bail out money" from the government-I received a notice from Citibank that it was going to raise my interest from 9% to 15% plus prime rate. I called them and cancelled the card. Money hungry fools. I was a customer for 12 years and I hope thousands of other customers cancel also. We the people need to have more control over the rates. If the government can bail out these big companies- why can't the government tell the big companies that one of the conditions of them receiving the cash is that they MUST FREEZE all of the interest rates at the current rate or they do not get the help. Everybody that receives any raise in rates should tell that company that they will cancel their card.