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Why Are Workers Drowning in Credit Card Debt?
The Socialist Program with Brian Becker
The Boondoggle of the Banks
Banks find it safer to lend to corporations than consumers, charging significantly higher interest rates to consumers, up to 25% compared to 5-10% for corporations. This high interest on credit cards is a major revenue source for banks, contributing to the booming profitability of the banking and finance sector. This focus on financial services has surpassed manufacturing in the economy, highlighting the lucrative nature of moving money over producing goods and services.
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