Credit rates too high: McCallum

This gets filed under the heading: No shit.

This is my favorite part of the story, the corporate criminals' excuse:

"Both banks and stores say they charge high rates to cover the risk of delinquent payments, losses and fraud as well as administrative costs."

Yeah, right. Most of these cards have a yearly fee that's supposed to pay the admin costs. And what risk? If you miss a payment on a credit card, they're up your ass faster than Customs. Miss two payments, and you might as well declare bankruptcy, because your credit rating is pooched anyway. Now I wonder what would cause the average consumer to miss a payment...

I wonder...

I wonder...

Could it be...?

High interest rates?