Who cares about credit card interest?
‘A Massey University study has found that most people don’t know - or care - how much interest they are paying on their credit cards.
Researchers from Massey’s Department of Finance, Banking and Property wanted to find out how credit card companies are able to charge interest rates as high as 20%. The study concluded that most people don’t really know or care what the card costs and those who do are often unable to do much about it.
Between 1996 and 2003, credit card borrowing rose from about $1.5 billion ($1.1 billion of it interest-bearing) to more than $3.5 billion ($2.5 billion interest-bearing).’
Read more at Who cares about credit card interest?
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