Quote of the Day

I'm lifting the Everyday Economist's Quote of the Day. So sue me.

“The credit card stocks didn’t tumble or anything so my question is with all this cheap talk who is Obama pandering to? Even if the terms of sub-prime mortgages are a big mystery, the terms of credit cards aren’t. Everybody knows cards have high interest rates and that they always have. Who has accumulated large balances on their cards by making purchase after purchase, not paying down the balance every month and yet thinks these large debt burdens are somehow the credit card company’s fault?” -- Will Ambrosini

Commenters on the Ambrosi site defend the action based on the complexity of variable credit card interest rates. I have to throw my lot in with the quote. If you don't know it's a bad idea to let cc balances accumulate you are not ready to live as a free man.

Posted by John Kranz at April 27, 2009 7:11 PM