If you have one, cut it up. This lovely little subprime product comes with a 79.9% interest rate (do they really think that last .9% is necessary given the first 79&?).
Happily, new banking laws will cap that rate at 26% come February 2010. But until then, these usurious thieves will continue to prey on those in the shallowest end of the credit rating pond. Read more here.
Breathtaking.
By Dennis Ryan, CCO, Element 79
If you like what state usury rules have done for credit cards, you’re gonna love what breaking down state boundaries is going to do for health insurance. The race to the least restrictive states (like the card companies racing to South Dakota) will make Usain Bolt look like he’s standing still.