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77Gumption77 t1_j47eoiq wrote

Reply to comment by Square_Tea4916 in USA Credit Cards: Card Balances v. Interest Rate [OC] by rosetechnology

Banks aren't tricking anyone- they make it really clear in your statement what your interest rate is. These people are buying things they wouldn't otherwise be able to because they are using credit.

We live in a free society. People should be allowed to make bad decisions. And if one has any interest and an internet connection, all the information he would ever need is a few clicks away.

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Square_Tea4916 t1_j47si66 wrote

Nice way of saying people are stupid. You’re not wrong.

Assuming they were financially educated and pushing their personal finances to the edge, they’d most likely switch over to BNPL which charges a fraction of the cost for late payments.

Ever notice Credit Cards don’t require you to establish how you’re going to pay and put auto-pay on by default? Can tell you at a major US Credit Card Issuer the rate is LOW for auto-pay enrollment.

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urgjotonlkec t1_j4938z3 wrote

There is no benefit to society for allowing people to carry a balance on credit cards, it's entirely a scam.

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Imiga t1_j4ajufz wrote

If the bank tells you the interest rate is 20%, and then they charge you 20% interest, how is that a scam?

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VorianFromDune t1_j4al1jq wrote

It’s also the role of a government to protect its citizens and this, sounds like straight up abuses.

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