ECASU

It's sad to think about what a mess this greedy country has got its self into. Banks and financial institutions spent the past decade lending out money to anyone. How many time have you got a credit card in the mail from a bank? Lot's I bet.

Banks could lend out whatever they wanted because they were getting money at such a good rate from the government. It probably looked good on paper. If the government lends at 6% and you lend  to someone at 9% you are making money on the deal. Well what happens then the government stops lending as much and the guy borrowing money at 9% can't pay?  The bank is stuck. The banks then had to pass the higher rates on to people who have been paying on time on their unsecured credit card debts. Bad system.