A question for those in Washington who pick on credit card companies. Along with commentators in the media who fulminate over “outrageous” charges and fees.
Bad debts incurred by the companies generally run close to 10%. The companies in the business are losing money, so they are attempting to earn fees where they can operate. If they cannot get repaid by the deadbeats, they will receive it from the many customers who pay their bills on time.
If the business is so great, why aren’t so many more banks running to get into it?
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