Aw, Phooey! Banks Keep the Scrooge McDuck Money Grab Alive!

What in the World is Going On?

Aw what's the big idea?! It's me Donald Duck reporting live (sort of) from my houseboat! And let me tell you things are getting daffier than a Goofy convention! Last year these banks quicker than a Beagle Boy heist jacked up interest rates and slapped on new fees faster than I can say "Oh boy oh boy oh boy!" All because some Consumer Financial Protection Bureau (CFPB) rule was bothering them. But now that they've gotten rid of that pesky rule are they lowering those rates and fees? Nope! They're holding onto that cash tighter than Scrooge McDuck hugging his money bin!

Synchrony and Bread's Crabby Attitude

Synchrony and Bread Financial those big shots behind cards for places like Amazon and Lowe's are saying "Aw nuts to you!" Their bigwig CEOs are all like "We're comfortable now so no changes!" Ralph Andretta from Bread even said they talked to their 'partners' about it. Partners? More like 'partners in crime,' if you ask me! They're celebrating getting rid of a rule that would have saved folks billions! Billions I tell you! Enough to buy a whole lotta Daisy's famous pies!

Taking Advantage of Us?

David Silberman some fancy lawyer says these companies are making a "windfall." A WINDFALL! They didn't need the extra dough before but now they're just keeping it straight out of our pockets! These banks are coining it up like it's nothing while the rest of us are struggling to make ends meet! I mean I gotta work my tail feathers off just to keep up with Huey Dewey and Louie!

Retailers Relying on Rip Offs

These store cards are a lifeline for retailers and they get rich because of us! But these banks are betting on people who can't get other cards. Nearly half of the folks applying for these cards have lousy credit! And they're handing them out left and right because they know they can make money off late fees and high interest rates. These guys are like Pete always trying to cheat someone!

No Turning Back Now?

And get this the rates on these store cards are way higher than regular cards! So no one is going to make the interest rates any lower. And Synchrony? Well they're not seeing any big changes in spending because of it. They tested it! And now they want to start handing out more promotional offers to sucker people in. Phooey! It is a trap!

Warning: Debt Spirals Ahead!

Some financial coach named Alaina Fingal says folks are getting trapped in debt spirals because of these cards! Having to drive for Uber Eats just to pay the interest. I'm telling you it's a real mess! They are sweet talking you with promotional offers so you do not notice the interest. So remember folks be smart with your money or you'll end up poorer than a duck without a dime!