Jul 07
15,000,000 credit cards and let’s say that they have an average balance of $1,000 on them (I expect that’s low). That’s a $15,000,000,000 portfolio of credit card balances. Let’s also say that the increase that Citibank is doing is a 2% increase in rate. According to my calculations, that’s going to take an additional $25,000,000 out of the hands of consumers and send it to Citibank every month. A couple of thoughts about that: The government recently put curbs into effect as o
