Stimulus—for the banks?
© Copyright Frank D. Kanu 2000-2008
On Friday Matt posted about the polls that show the majority of the people will rather save the stimulus money or use it to pay bills
.
Today I read in the Washington Post about the rate cuts that don’t do a thing for credit card rates: Since September, the Federal Reserve has cut the federal funds rate by 2.25 points, to 3 percent, while the average variable rate on credit cards has dropped less than a point, from 13.97 percent to 13.05 percent, according to BankRate.com.
This truly contradicts the stimulus purpose. I bet that most people will look at their raising interest rates (But credit card interest rates remain high and in many cases have even climbed.) and use the stimulus money to pay their bills. Maybe the stimulus was never a good idea to begin with, but with ever increasing costs should anyone expect it to work?
Technorati (All Links are external): banks credit card companies credit card interest credit card interest rates credit card rates credit cards federal funds rate federal reserve money oil companies polls stimulus variable rate washington post business ethics politics
On Friday Matt posted about the polls that show the majority of the people will rather save the stimulus money or use it to pay bills
.Today I read in the Washington Post about the rate cuts that don’t do a thing for credit card rates: Since September, the Federal Reserve has cut the federal funds rate by 2.25 points, to 3 percent, while the average variable rate on credit cards has dropped less than a point, from 13.97 percent to 13.05 percent, according to BankRate.com.
This truly contradicts the stimulus purpose. I bet that most people will look at their raising interest rates (But credit card interest rates remain high and in many cases have even climbed.
) and use the stimulus money to pay their bills. Maybe the stimulus was never a good idea to begin with, but with ever increasing costs should anyone expect it to work? Are credit card companies taking people to the cleaners—like the oil companies do?
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banks credit card companies credit card interest credit card interest rates credit card rates credit cards federal funds rate federal reserve money oil companies polls stimulus variable rate washington postTechnorati (All Links are external): banks credit card companies credit card interest credit card interest rates credit card rates credit cards federal funds rate federal reserve money oil companies polls stimulus variable rate washington post business ethics politics
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