Just additional motivation to PIF
Im not surprised, greed is behind it. A card approved today at 21% with 0% interest set by the fed becomes a 26-27% card when interest rates return to the norm of 5-6%. Most people do not PIF, I dont but I carry it on special deals of less than 6%. Credit cards were designed to put people into debt for their entire adult lives and now that goal has been achieved. PIF may be a mantra on this board but as I said its not the norm.
I do find it interesting that most of the high rate cards are from the big Banks and waht most people probably carry around and use, especailly since we're inundated with ads for them. Yet if a person wanted to they could find a nice little CU with very reasonable to low rates in the single digits. If you're carrying a balance on 20% ^ cards I just don't really know...
The sad part is most consumer will likely never find those low rate cards because they're not as well adverstised or not enough people ferequent sites like this or ones that compare low rate cards, which is the average consumer.
I had a loan at roughly 130% APR at one point in my life.
I didn't carry it to term, and of course it's still haunting me in the form of a CFA nearly a decade later (closed July 2012, huh 10 year exclusion in 7 months go me!).
Not quite sure what is causing rates to go up right now other than expected Fed tightening and to be fair I don't know what the F is going on with the economy currently and as such banks may be thinking things are going to get ugly.
20% interest may be designed to make money off consumers to gdale's point, but by his own statement he has cheaper options for carrying debt and I once carried some at a much higher one. Majority of cards in the market are rewards ones and those really were not designed for carrying debt: I wonder if the metrics are just getting more skewed as the non-rewards cards that traditionally were at lower interest rates are not making it into many people's wallets.