How a bank gets you in debt

If you have credit cards then you know why the Federal government has enacted legislation to protect consumers from their unfair business practices.  The banks are extremely upset that they will no longer be able to tighten the noose around you as they see fit. So some banks have come up with some very creative ways to grab as much money from your wallet as they can before the new law goes into effect.  One bank in particular, First Premier Bank, which claims to be the 10th largest issuer of Mastercard and Visa cards, is charging a jaw-breaking 79.9% interest.  It gets better.  They admit that they are targeting those that can least afford it.  For example, if you have a $300.00 balance then you will owe them about $20.00 per month in interest fees alone. That equates to $240.00 per year in interest and you still owe the $300.00 principal!  Their reasoning behind this is that they are helping those that otherwise would not be able to get credit.  I have a better solution.  Just keep an extra $300.00 in your checking account for an emergency.  Use your bank's VISA/Mastercard check card to access the fund anywhere VISA/Mastercard is accepted and not worry about having to pay interest, late fees, etc.  You won't get out of debt if you help banks get rich.  Read the full article here.