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Forecast for Credit Card Interest Rates–High

I read with interest (no pun intended) the article below describing the Fed’s commitment to keep interest rates low until unemployment drops below 6.5%.  I don’t know if that is good or bad for the economy; what I do know is that unemployment is going to stay high for quite a while; the Fed agrees with me.  I also know that for people struggling with credit card debt, the Fed’s announcement offers absolutely no relief.  Although banks may get to borrow money for nearly zero interest, they will still charge customers as much as 36% interest on credit card balances.  Essentially, the fed has guaranteed outrageous profits for credit card operations at banks for the foreseeable future.  Profits gained on the backs of those struggling the most.

http://www.huffingtonpost.com/2012/12/12/fed-rates-unemployment_n_2286328.html?icid=maing-grid7%7Cmain5%7Cdl2%7Csec1_lnk2%26pLid%3D244642

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Kevin Fallon McCarthy is the McCarthy Law PLC’s managing attorney and an experienced Phoenix debt attorney. Mr. McCarthy has also worked as general counsel for a large corporation. He has corporate counsel experience in human resource matters, general corporate governance, and union class action litigation.