Many people don’t worry about credit card tricks and traps. About 40% of families pay in full every month, and they rarely notice the mysterious increase in interest rates or the unexpected charges when a payment takes nine days to make it across country. Others enter the credit card market as a gladiator once entered battle, looking for leverage in zero-interest teaser rates and grace period floats and taking pride in their ability to carry a credit balance while dancing around the ever-present traps.
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While the 29% default rate of interest charged many customers today is breath-taking ... hit the debtor with compound interest on the fees and with over-limit fees for two or three months in a row, and the interest rates swell to 400% and higher.
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Citi earned nearly eight dollars on its credit card operations for every dollar it earned in other lending.
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Strength and honor.
-- Ficos Maximus