💨 Abstract

The article discusses why credit card rates are so high, primarily attributing it to the extensive advertising done by credit card companies. These ads, seen on TV, online, and through direct mail, are costly, and the expense is passed on to consumers through higher interest rates. Major credit card issuers spend significantly on marketing to acquire new customers. Consumers can avoid high-interest rates by choosing cards from less aggressive advertisers, using comparison tools, and paying off balances monthly.

Courtesy: wtop.com

Summarized by Einstein Beta 🤖