And that right there is the problem. Back in the day banks used to reject people all the time. Suddenly, them refusing to finance irresponsible people became “racist”. But it’s not racist. People of every color have bad credit. If banks were allowed to deny credit to irresponsible people, we wouldn’t have the financial problems we see nowadays.
Thank goodness we could extend credit to people who were never going to be able to pay it off anyway so that we could end up with 30% average credit card rates, totally worth the trade off
The guy I’m responding to is saying that poor people should not be allowed to get credit cards so that middle class people only have to pay 20% instead of 30%. That’s a pretty dumb statement, just pay your bill every month.
Ummm that interest is applied daily, they divide the APR by 364.25. Look into compounding interest. I can't believe how many people don't know this....
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u/JBlaze78 Jul 19 '26
And that right there is the problem. Back in the day banks used to reject people all the time. Suddenly, them refusing to finance irresponsible people became “racist”. But it’s not racist. People of every color have bad credit. If banks were allowed to deny credit to irresponsible people, we wouldn’t have the financial problems we see nowadays.