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    New Republic | 10/2/19 | 16 min
    3 reads4 comments
    9.7
    New Republic
    3 reads
    9.7
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    • tom7james8 months ago

      Sobering. Proud of the author for doing some soul searching. I want to know the rough percentage of credit card revenue that is generated by late fees.

      I suggest using local credit unions as an alternative to these bigger companies where your 1-5% kickback is funded in part by ethically dubious lending practices.

      • bill
        Top reader of all timeScoutScribe
        8 months ago

        I want to know the rough percentage of credit card revenue that is generated by late fees.

        Me too. I’m sure it’s astronomical.

        I have one credit card as a backup to my debit card. (It’s Bank of America.) Exactly as described in the article, I’ve had my credit limit increased, without my knowledge, twice, from 1k to 2k, and then, later to 3k. It annoyed and confused me, both times, and messed up the way I think about my budget.

        I need to switch to a credit union. (Hard part is I’m always moving.)

    • jbuchana
      Scribe
      8 months ago

      A sobering look into how people at large publicly-owned corporations milk the public for everything they've got, all the while believing they're doing good for the public, not just the shareholders.

      Congratulations to the author for realizing this and getting out. More so for attempting to make this public knowledge.

    • bill
      Top reader of all timeScoutScribe
      8 months ago

      Fascinating. Conversation-worthy, that’s for sure.