Met a single mother today who has many credit cards and personal loans. The interest rate on one was 39.9%!!! Unbelieveable! She luckily only borrowed a small amount, but even so, she'll be paying interest forever!
That's the record rate for me.
At 40% a year, it means that every 2.5 years the debt doubles!
Some lenders have no conscience!
Tuesday, December 15, 2009
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