credit card interest

While a lack of credit card interest rates might be a nice change of pace, debit cards come with their own set of risks.

The following graphic weighs the risks of both and details card usage over time.

Ann Minch, who singlehandedly started a "debtor's revolt" within the last couple of weeks, after seeing huge increases in her credit card interest rate, has declared victory.

In a follow up post on YouTube, Minch stated that Bank of America has agreed to reduce her rate.

Credit card interest rates wavered in the past week, with the lowest rates holding steady while some higher rates dipped.

The Senate overwhelmingly rejected an effort to impose a 15 percent cap on interest rates for banks and credit card companies yesterday.

The banking and credit card lobby had made this vote a priority with literally hundreds of lobbyists working members.

Never mind that credit union interest rates are capped at 15 percent already. The effort by Senator Bernie Sanders, the Vermont independent, drew only 33 votes and needed 60.

One-third of all credit card holders are paying interest above 20 percent and as high as 41 percent, but the banks own the Senate.