Credit Card Companies to Lower Rates

I can’t imagine that credit card companies will lower their rates but Muriel Siebert, a wall street veteran, makes a cogent argument for this action. Her main point is that more debtors will be forced into payment plans instead of bankruptcy. As a result, credit card companies-which charge as much as 24 % annual interest-will collect billions in bad debts that they couldn’t grab before! Well said Muriel. She went on to say : “Earlier in the year Master Card offered a credit card called MyPlash, which is short for “my plastic cash“.” It’s a prepaid card requiring parent’s signatures for those under 18, but I think using “plastic” as an adjective for “cash” sends the wrong message.” I couldn’t agree more-which is exactly why cash flow classes should be mandatory in our school systems. As far as credit card companies lowering their rates-I still believe in the free market system 🙂

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