ChristiaNet.com (http://www.christianet.com), the world's largest Christian portal with twelve million monthly page loads, conducted a recent survey to ask readers, "Are interest rates too high?" An overwhelming majority feel that the interest on credit cards extends the payoff of the principle exponentially. Many banks charge their customers for being one day late by charging steep late fees and in addition, raise the interest rate to further penalize them. One consumer wrote, "They are often too high for strugglers and do not stay constant in the original contract. Buyers beware!" Many feel that greed has a lot to do with interest rates being so high. (http://www.christianet.com/interestrates/)
Out of 185 participants surveyed, 111 answered "yes" to this question. One reader made an observation that is worth noting, "Certainly, always, but it doesn't really affect the disciplined. When we learn God's principles concerning money we can bypass a lot of these things." One compared a lending institution to a "mob affiliated legal loan shark." A different person posed a different side to this dilemma by bringing up the point that those who owe on credit cards can benefit from the experience by realizing the seriousness of controlling their money.
Seventeen readers did not feel that interest rates are too high. One participant in this group compared the current day rates to those in the 70's. One person said, "I don't have a credit card so it doesn't affect me." Another interesting comment from this group related to these times as being the "best of times" with "all time lows." This is true, if one is speaking of mortgage rates. However, it may depend on the current credit score of the borrower as to what rate is awarded, and the overall interest paid can depend upon the type and length of the loan.
Fifty-seven people were unsure for various reasons. One reader felt that with all the competition between banks that there were many options. Most people would agree that it is best not to go into debt but as one person commented, "Sometimes in an emergency it can't be helped." Another individual made the point that rates vary depending upon where a person lives. Overall most participants agree that interest and fees on credit cards are too high. For more information, visit: http://www.christianet.com/articles/
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ChristiaNet.com (http://www.christianet.com), the world's largest Christian portal with twelve million monthly page loads, receives around one million visitors per month and has 400,000 email subscribers who have access to an online shopping mall, job bank, Biblical and life application resources, free ecards, Christian blogs and friendship communities.
