My wife showed me some sort of pamphlet that Capital One sent us recently. If I read it correctly, the new interest percentage is 29.9%. (I think is used to be 17% or some such thing). Did you see the numbers I just typed? 29.9%!!!
Now, the truth is, we don’t carry a balance on our credit cards so maybe Capital One is just pissed at us for not making them enough money. This is their way to get us off of their books. If I wasn’t so lazy, this ploy might have worked. However, they could make the interest rate 50% and I could care less.
Still, there is something going on in the credit world that screams deep, deep trouble is near. Besides this ridiculous jump in interest, I also found out that American Express was offering their cardholders $300 if they pay of their balance by the end of April. Again, normally, you WANT people to carry a balance since those interest rates are what drive profit. However, the apparent terror the banks feel about default loans is driving them to this madness.
Today, we find out that the US government is going to take a 35% share of CitiGroup. That’s right; the nationalization of banks is now moving full steam ahead. Hello socialism!!!
What really annoys me about this is that these decisions are being made after some $350 BILLION has already gone to these corrupt organizations. They are literally taking the money and running. And, in spite of the craziness of it all, Barry wants to get them even more! It defies even the most basic logic.
This country is pretty much officially in the crapper. That is the bad news. The good news is that Americans don’t take this kind of stuff too well. Yeah, we got kind of lazy in the last 20 years but you can feel the intensity building. While I don’t think we will see a full on revolution (Don’t you know, we’re talkin’ bout a revolution…sounds…like a whisper), I do think you will see individuals take over more control of their lives.
Hell, if I had the finger strength, I would just cut up my credit cards (all both of them) and pay cash for everything. But that would mean more trips to the bank and my wife already complains about that. If it wasn’t for the fact that Barry promised me a free PhD and house, I might just move to Nicaragua.
Oh, and good folks at Capital One, you can suck my big black (occasionally) sock!!! You are so broke you need to raise interest rates but you just happen to have enough cash to buy Chevy Chase Bank. Um…ok. Douchbags.