yahoo news on cc interest rates
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Posted by catb
(4.14.161.110) on June 29, 2004 at 12:58:33:
NEW YORK - If you've been lulled into carrying large balances on your low-interest credit cards, prepare your wallet for a rude awakening. For example, in its latest quarterly filing, MBNA Corp. said a 1 percentage point increase in interest rates in the next 12 months could reduce its projected net income by about $67 million. (cats note""" awwwwwww"""" )
discover-----The company said it periodically reviews customers' accounts and, based on "several factors and credit attributes," will raise and lower their interest rates. interesting reading on how they work and why we get that in the mail, that says our interest is goin up. i mean, they would lose 67 million!!! lol. uh huh. bottom line is a fixed rate is better..and will become rarer. i think in another generation, cc will be the minority and their boom will be over on fleecing us.
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