How Banksters Earn Obscene Profits With Rip-Off Schemes.
I was recently approved for a new credit card. I won’t mention any names. I was low on cash the other day and was going to use it to get $20 from an ATM. Luckily I didn’t have a pin number so it failed. When I got home I called the card issuer and asked about a pin.
I was told that the interest on cash advances was 24.5% compounded daily. I told the girl on the phone that was insane and hung up.
I sat down and did some figuring and found the following numbers that would be owed on a $20 cash advance.
A $20 advance will cost $114 to repay after 7 days.
A $20 advance will cost $223 to repay after 10 days.
A $20 advance will cost $545 to repay after 14 days.
A $20 advance will cost $2602 to repay after 21 days.
A $20 advance will cost $19,386 to repay after 30 days.
I didn’t figure the cost to repay after 60 or 90 days but rest assured it is astronomical.
It is rip-off schemes such as this that allow banks and credit card companies to rake in such huge profits and in turn pay obscene bonuses to executives who do little more than avoid making decisions since that may jeopardize their salary and bonuses.
They are stealing massive amounts far above loan shark rates from the people who can least afford it.
Make no mistake they will steal you car or house to recover such a debt and all for the intial amount of $20
Why are credit card companies allowed to charge such criminal rates? When is some sanity in this going to be made into law?
Why is there no cap on how much can be charged for an advance? Is 200% reasonable? 300%? Surely 9000% is not, where does it end?
What would be owed if the $20 advance was not repaid for a year?
Answer: $ 1,091,046,519,597,804,700,000,000,000,000,000,000.00
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