naked capitalism: Credit Card Companies Jack Up Rates Despite Flagging Economy, Super Low Funding Co
The author wisely points out that higher credit card rates squash small business. In this and in so many other sectors, banks and financial institutions should be loosening things up to help the economy move forward. Every neuron in my brain says they’d make zillions by removing their artificial props from under the rates and allowing volume to fill their coffers.
If they loosened credit rates, I’d bet we’d see people slowly begin to take advantage of the historical low mortgage rates as their monthly financial commitments eased. If this happened, America might stop choking in first gear and start building some momentum in second.
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