“The rate for direct purchases shall be 11.99% above the prime rate which is quoted on the first Tuesday following the start of each new billing period. The interest rate will therefore vary between billing periods with a new effective interest rate being applied per billing period.”
Someone who follows financial information and who is familiar with this kind of language can interpret this easily, but what percentage of Americans do you think could read the above statement and be able to understand immediately how the interest rate on their credit card is determined?
How Financially Literate Are Most Americans?
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a majority are not, period
I’m absolutely sure 12.8% of the population couldn’t begin to understand it at all and then another 30% would have problems interpreting a portion of it.
-the answer, which we seem to have forgotten to teach all americans, is that when you take on debt you have to pay it back.
Currently we don’t hold those who don’t responsible. See Housing crisis/credit card default
BQ: How many Americans actually carefully read their credit agreements before using credit? You can not possibly understand what you can not be bothered reading.
Lowering taxes increases revenues. FACT.
All i needs to know is govermnet need to pay my bills like it say it was