Interest Rates
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Now that interest rates are back down to single digits in most areas of finance, the charges for credit card credit still stays at around 19%.
One answer for this discrepancy is that the American consumer is paying the money-center banks these high rates so that the banks can wipe off their books all the non-producing Third World loans that they made in the late ‘70s.
Once again the average American is helping the poor of the world and the “poor” of Wall Street.
LAWRENCE J. BRIGGS
Twentynine Palms
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