Quote:
Originally Posted by Topspinmo
Originally Posted by retiredguy123
They make money on people who pay interest on their credit card debt. About $1.2 trillion in debt nationwide.
Well, maybe they will collect 1.2 trillion and maybe they won’t? I watch guy at liquor store go through 8 credit cards none of them would work. Do think their going collect full amount on people that use one credit card to pay off another and get another one charge max, get another one to pay off that one? IMO that ‘s majority of people holding CC debt?
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I didn't realize this was new information. Credit card companies collect around $1.2 trillion in credit card interest payments. They also write off money from accounts that they are unable to collect from. They are ACTUALLY COLLECTING $1.2 trillion..... Geez....