credit card debts

@xyla_v (314)
India
January 15, 2007 4:19pm CST
have you ever realized the amount of credit card debts in the U.S.?how do the credit card companies make money?how do they manage to increase their profitability resulting in mounting debts to the consumers? approximately the credit card debts amount to over $800 billion and its more than any fortune 500 company's profit i suppose..
1 response
@marciascott (25555)
• United States
20 Jan 07
Hi, welcome to Mylot. I have over 3 credit cards, some of these credit card companies, try to be half way slick. I have this one credit card from Las vegas, they don't give you a grace period, if you don't pay before or on that day, they charge you late fee, I was one day late, and they charge me 49.00. I only paid 20.00 a month on the card, the card was 200.00