Credit Card Defaults? No Wonder--Look at Rates
Several recent articles have noted that the issuers of consumer credit cards are concerned about the marked increase in payment defaults. But lenders’ high interest rates have contributed to their collection difficulties.
If it weren’t for 19.8% interest fees, many credit card debts could be paid off within a reasonable time. Are such high rates really necessary to come out ahead in the lending game? It appears that the time has come for creditors to rethink their greed quota.
L. M. CONFORTI
Glendale
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