Less Government

Crony Fascism: Debit Cards Don’t Build Credit – But Credit Cards Do

This is one of the most titanic Big Government-Big Business scams of all time.

Big Gov has written its myriad banking laws – so as to funnel every single American into the Big Bank Credit Card Death Spiral.

“Americans have an absolute mountain of credit card debt – $1.079 trillion, to be exact.”

“The average credit card interest rate is 27.79%, according to Forbes Advisor’s weekly credit card rates report.”

Big Gov has concocted a toxic combination of perverse credit card incentives.

Much to the Big Banks’ glee – and almost certainly at their behest. (more…)