Monday, May 9, 2011

Bank America to Charge 29.99% On Credit Cards

Let's look at the Big Picture. The US is a "consumer driven" economy. The consumer relies on credit to satisfy his/her fix. The economy continues to show lackluster growth that causes our friend at the Fed Ben Bernanke to keep "interest rates" low---almost 0 %. That near 0% is what our friends "the Banksters" pay to borrow money. You dear consumer if you need to carry a balance with an institution such as Bank America will be paying just about 30% annually on that balance.

Thank goodness the Fed is keeping rates low!

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