Rather than make a bold move and encourage consumers to pay down their debt by eliminating interest rate charges on OLD DEBT, the Banks continue to cling to the only way they know how to make money, charging ridiculously high interest rates on old credit card debt. The banks may then use this never ending old debt indenturedness to invest in businesses in other countries.
When will this madness end? Will it take physical riots to uproot a system that is trying to pretend the status quo is acceptable? Wall Street continues to crumble yet clings to it's credit card interest rate fiasco as a prize of some kind. Long Term Credit Card Debt is no prize, it is an anchor that continues to sink the american economy, american citizens, and Wall Street.
What is bad for the american consumer SHOULD ALSO BE BAD FOR WALL STREET, but somehow that does not seem to be the case.
