PILOT SPIN
Spin Zone => Spin Zone => Topic started by: Bob Noel on July 02, 2024, 11:09:16 AM
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https://www.reddit.com/r/CreditCards/comments/1drj4re/just_received_notice_my_macys_american_express/
34% - holy guacamole
I guess I've been out of touch wrt what rates credit card companies are charging.
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That is called a "stupid tax". You are stupid if you carry a balance on a credit card, especially a high interest credit card.
Ok, I'll backtrack a little. Sometimes it is a desperation tax.
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It really hammers poor people who use a credit card to buy groceries because they've been hurt by Bidenflation or suffer a job loss. The people who can least afford usurious rates.
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It really hammers poor people who use a credit card to buy groceries because they've been hurt by Bidenflation or suffer a job loss. The people who can least afford usurious rates.
In that case it is the "desperation tax" I mentioned. But mostly it is a "stupid tax". The problem is that some people cannot avoid being stupid. Between the way they were raised and innate intelligence, some people are just stupid. Yeah, I'm sure there's a more politically correct term for it.
I have nephews and in-laws that fit that "stupid" description. They will send me pictures of the lobster or King Crab legs they are feasting on, but in between those pictures they are complaining about credit card bills, cell phone bills, speeding tickets, appliances breaking down and so on. And they eat out more than I do, even if their idea of eating out is McDonalds or Subway. I love them. I feel sorry for them. But they drive me crazy when they beg for money to help pay their cell phone bill or car insurance but let their credit card bills lapse and add on interest and penalties.
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They used to put people in prison for charging interest rates like that.
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They used to put people in prison for charging interest rates like that.
They also used to put people in prison for not paying their debts.
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We used to be able to write off interest.
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https://www.reddit.com/r/CreditCards/comments/1drj4re/just_received_notice_my_macys_american_express/
34% - holy guacamole
I guess I've been out of touch wrt what rates credit card companies are charging.
WOW! That's insane. Get a little behind, don't pay your bill, and things get really bad really quickly. Why does student loan debt get all the press and this goes unnoticed? Or is it that credit card debtors don't vote democrat?