I read with interest (no pun intended) the article below describing the Fed’s commitment to keep interest rates low until unemployment drops below 6.5%. I don’t know if that is good or bad for the economy; what I do know is that unemployment is going to stay high for quite a while; the Fed agrees with me. I also know that for people struggling with credit card debt, the Fed’s announcement offers absolutely no relief. Although banks may get to borrow money for nearly zero interest, they will still charge customers as much as 36% interest on credit card balances. Essentially, the fed has guaranteed outrageous profits for credit card operations at banks for the foreseeable future. Profits gained on the backs of those struggling the most.
Kevin Fallon McCarthy
Latest posts by Kevin Fallon McCarthy (see all)
- Different Ways to Get Out of Debt - January 22, 2019
- Public Servants’ Second Chance at Federal Student Loan Forgiveness - April 10, 2018
- CREDIT CARD LOSS FOR SMALL BANKS AT AN EIGHT YEAR HIGH - March 22, 2018
- Rise of the Jumbo Student Loans - March 17, 2018
- Credit Card Market: Now and Then - February 23, 2018