227% Interest on a credit card?

I think it's absoultely crazy to have a credit card with that high an interest rate!! that's freaking robbery!

Wow, that must be an expensive Christmas present if you add up the interest to it. I would never borrow at that rate. I just write an I owe you card.

i had to read again when i saw the title of this discussion. 227% per annum is way too much to charge for any kind of loan. we have a company that offers hire purchase loans at 100% interest spread over four years. to me, that is already like daylight robbery. people who take this kind of loan usually need the money but have no other avenues of getting it. that's why the poor is getting poorer each day while the rich (read shareholders and management of companies) laugh their way to the bank.

That is insane! How could you afford to ever pay that back? First f all I would not put myself in debt just to buy others gifts at the holidays. If I do not have the money to buy the gifts in my bank then I do not buy. We do have a charge card but we use that for emergencies that may occur, although my husband opened the account last Christmas to buy a wide screen HD TV (LOL) which we paid off in a few months. Interest at 227% should be illegal and to [pay it back over a 27 week time period is going to put some people on the streets I would presume.

Sounds like loan sharks are offering credit, I hope nobody is dumb enough to take this card.

Hi Bd2007897, I think its so bad these credit card people are pushing people to get it out and those people cannot pay them back each month, expecially Christmas time when people are not thinking straight because all they want is money to expensive toys ot computers for their kids, after Chrismas thats when their troubles will start and will results in peopl loosing their houses, I think its so very sad, I will never sucumbe to these cards. If I haven't then I can't but if I have a little something that I have saved up for, then I will spend it wisley and make sure everyone will have something from me. Tamara

I think that anybody taking out one of these cards needs their head examining. Low value loans tend to be expensive, but this is immoral. Is there no end to the greed of the banks? It is also "persuading" people into spending at Christmas on things that they don't need and can't afford.

I'm British and have lived in Jamaica for thitty odd years. Why would people get in debt for Christmas? The interest rate on credit cards in Jamaica on average is 44%. I will spend my Xmas bonus on getting out of credit card debt. The conomy is so bad that everyone is scaling down their spending for christmas. We forget we are spending a day celebrating the fact that a baby was born in a stable amongst animal waste. Born into the filth of the world to bring light to the rest of the world. Everyone should cut down and try to help even one other person or invite them in for Christmas dinner. We live in dreadful economic times what is the point of getting in to debt for one day?