Gumby

Has Stagnating Innovation Led to This Economic Crisis?

Credit cards punished late payers with 27% interest only to end up with non payments at all . Credit cards lost money on non payers and the vicious cycles goes around... HOme borrowers end up paying higher interest rates because of low ratings from credit cards.. Who dont want to be paid high interest rates... Savers craves high interest incomes... Those are the people who caused this major financial crisis... Why fuss so much over late payments for credit cards.. Wont a slap on the hand suffice instead of perennial 27% interest up from already high 13 % or so... sometimes even 60%.. There had been complaints to no avail.. Why is nobody out there to compete those VISAs, MasterCARDs and Discover and AMEX with lower interest rates and more forgiving interest rates with slap on wrists . We are already cutting credit cards and start anew on cash only... You see what I am saying?? People can get crazy with greed and Scrooge liek mentality... Bah Humbug??