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I brought to a magazine from nineteen something like -- in order reads them and -- moment.
But this overs of trust institutions now suggest that we forget those strictures on -- with which they labored so vigorously in the past.
And live better by refusing to settle for second best.
This means that our friendly banker -- one up credit card bills.
Off -- -- -- The -- 18% year.
And right about coming credit.
Although it's what happened only happen squared.
It happened bigger than me because when that was written in 1970.
We have strong -- All of -- country.
The maximum now be charged in most states with 18%.
And any fees that -- to be added on other kinds of charges.
All had to -- -- the 18%.
Credit agreements in 1970 were at least straight forward at least they told -- what the price was going to be you know pretty well.
I intensity if you had a credit card what they called and charge card and here's why they called -- charge card from the article march 27 like minds.
Most banks refer -- -- a charge card since they have discovered that of that segment of the middle class believes that -- sinful.
But charging each week so back then you knew there -- that that would be no greater interest rate and 18% -- -- That's -- that was the -- And so but what changed.
Is in 1980.
All we got rid of the news Los effectively around the country so complex things going on -- Supreme Court ruling comply with all -- a bill in congress that got rid of -- on mortgages so got rid of it on credit -- cooperative on mortgages.
And all of a sudden.
A new business model was born.
And the business model without that -- He came that.
Let's tell people what the charges are going to be.
Not 18% let's move it down to 10%.
Seven point 99%.
Three point 9% 0%.
And then -- -- the tricks and tracks back in the fine print where no one can seem so that the active interest story.
-- -- -- -- -- -- 40%.
But nobody sees so they moved to eight tricks and traps pricing model once the ceiling was -- it.
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