Credit Card Usury

Your Credit Card Usury Rates


Instant Economic Relief from Credit Card Usury.

Stop Credit Card Usury Rates!  There will be instant Economic Relief from Credit Card Usury when the issuing banks find a conscience. They will immediately reduce their current exorbitant rates to something reasonable. Say less than 10%?

One Percent vs. 15,16,20,26

This Grouchy G’ma wonders how the same banks provide the “princely” sum of LESS than ONE PERCENT  interest on the money we deposit in our savings accounts. As they charge their credit card customers anywhere from 14%-26% on unpaid balances. Perhaps the only good thing to come from the pandemic is the time to stop credit card usury rates

Economic experts suggest we call the issuers and ask (beg, plead, grovel) for a reasonable rate ASAP! Ok, Grouchy G’ma tried that with American Express. Their representative politely replied that there would be no late fees* for this month’s payment, but there was nothing she could do about the interest rate. Onward to Capital One. The same response from a representative in Tampa, Florida, who sympathized with the 21% currently on the card, but she was unable to lower it. Discover didn’t need a phone call as their interest rate was reasonable.

*What late fees?

Grouchy G’ma has always had an automatic payment out of her bank account for every card, mortgage, car payment, utility bill for the past 55 years. (Mostly thanks to Grumpy G’pa, who as a retired Naval Aviator and current math teacher/tutor.) We have never skipped or been late for the payment….and yet?

Contact Your Congress Person!

So, if our government, the administration really wants to help the rest of us during this economic crisis: Addressing the credit card exploitation would be an instant financial relief for the majority of the country.

Unless I’m mistaken, the Feds have lowered the bank borrowing rate to a minuscule amount, so why charge the consumer an outrageous interest rate? To enrich the bankruptcy lawyers, or are they all selfish, greedy sociopaths? 

Then contact the Congressional Banking Committee Members.

Grouchy G’ma remembered the recent bank bailouts a decade ago. The government used our tax money to save the banks then. Now it’s their turn to restrain their greed until recovery occurs.

If you agree, bug your congressperson until we get the relief we deserve!

Grouchy G’ma intends to address her two other economic issues(taxes on savings account interest, the myth of credit ratings) in other posts.


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