the Voice of
The Communist League of Revolutionary Workers–Internationalist
“The emancipation of the working class will only be achieved by the working class itself.”
— Karl Marx
the Voice of
The Communist League of Revolutionary Workers–Internationalist
“The emancipation of the working class will only be achieved by the working class itself.”
— Karl Marx
May 30, 2011
Late one day on a credit card bill? It’s going to cost a lot more than that $35 late fee. As of June 25, Bank of America will resume a penalty interest rate of 29.99% on future purchases.
This means you will owe a third more on your purchases. If you owe $4,000 on a credit card with a 15% interest rate and made only the minimum payment each month, it would take you 22 years plus $5,580 in interest to pay off that balance.
At 30%, the Fed says you would never pay it off if you made only the minimum payments!
It seems the new credit card act protects consumers from snakes, spiders, bumblebees–everything but usurious banks!