Banks and credit card companies in the US have a vested interest in ensuring that credit cards are used to purchase goods and services on credit. In 2017 total

Banks and credit card companies in the US have a vested interest in ensuring that credit cards are used to purchase goods and services on credit. In 2017 total credit card debt in the US was ~$941 billion.[1] At an average rate of 15%[2] that's $141 billion per year that banks make on credit card debt interest (not counting interest on interest and fees). [1] https://www.nerdwallet.com/blog/average-credit-card-debt-household/ https://www.nerdwallet.com/blog/average-credit-card-debt-hou... [2] https://www.creditcards.com/credit-card-news/interest-rate-report-081413-unchanged-2121.php https://www.creditcards.com/credit-card-news/interest-rate-r...