Jelly, that is.The 5 o'clock news is explaining that the banks and credit card companies started upping card rates today...some of them doubling. The explanation? These wonderful companies want to pay off their bailout debt.
Wait, wait, wait. As I've pointed out before I'm NO ONE's genuis. But doesn't this mean they're charging US in order to repay the money WE loaned them? Isn't that right? Did I miss something here?
Good thing I don't know anything about finances and economics or I might suspect I'm being had. Again. Just maybe.
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So first we pay them interest.
Then they get our tax money in the form of a "bailout."
Then they charge us extra interest to pay back the bailout.
This is why I have ONE credit card and am about to cancel it.
We need to go back to the barter system.