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You heard that right. Credit card companies are not too happy about the latest regulations that will go into effect in the next year, and they are using every lawful tool available to them to make enough money to cover their losses. So it’s not surprising to see them raise their interest rates. But an APR of 79.9%? Is that even possible? Apparently it is. First Premier Bank has now become the record holder in the APR department by charging an obscene amount of interest. The bank is apparently testing the fees and may not keep it on forever.

In reality, you can’t blame credit card companies for trying to be profitable businesses. But there needs to be regulations to protect consumers against obscene interest rates. Most people wouldn’t even fall for such offers, but people are so desparate these days that you just don’t know what they are willing to do. The CEO of Cardhub put it best:

Even when the cost of credit is astronomical, for people in true emergencies, it’s much better than not having access to credit

At the end of the day, we need to change the culture of spending in this country. You should not spend the money you don’t have and looking at the possibility of paying 79.9% interest on the balance due on an annual basis should only turn people off. Unfortunately people continue to go beyond their means and no regulation seems to change that.

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