4 ms·
>> Let's say you put $400 on a CC that has 18% interest rate Wow, that's a hell of interest rate. In Poland there's regulatory law that caps interest rates for
by mamon 7y ago
>> Let's say you put $400 on a CC that has 18% interest rate
Wow, that's a hell of interest rate. In Poland there's regulatory law that caps interest rates for credit cards (and all types of consumer credits, really) at 11%, or 4x base interest rate set by Polish central bank. Applying the same logic to US would give you what, 9% interest rate? But I guess Americans would see that as messing with free markets :)
- qntty 7y ago18% is low. Most are closer to 21-24%
- ben509 7y agoLenders in Poland still need to make a profit, so are they more restrictive in issuing cards, or is it harder to default on a loan? Or does the government subsidize them?
- mamon 7y agoAt 11% interest rate you can still make a lot of profit. I don't think banks are restrictive on issuing them, basically anyone who is gainfully employed can get one.