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	<title>We The Peeps</title>
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		<title>Citibank raises interest rates again!</title>
		<link>http://www.wethepeeps.net/2009/07/citibank-raises-interest-rates-again/</link>
		<comments>http://www.wethepeeps.net/2009/07/citibank-raises-interest-rates-again/#comments</comments>
		<pubDate>Wed, 01 Jul 2009 06:20:07 +0000</pubDate>
		<dc:creator>TJCIII</dc:creator>
				<category><![CDATA[Credit Cards]]></category>
		<category><![CDATA[The Banks and the Bailout]]></category>
		<category><![CDATA[debt]]></category>
		<category><![CDATA[economy]]></category>
		<category><![CDATA[interest_rate]]></category>
		<category><![CDATA[sold_out]]></category>

		<guid isPermaLink="false">http://www.wethepeeps.net/?p=150</guid>
		<description><![CDATA[Citibank decided to raise interest rates on up to 15 million credit card holders again.  What I don’t understand is if we are an economy based on consumer buying, why they would raise interest rates again?  Why would you want to pay 30% interest on an item that you more than likely can pay cash for within a short period of time.   I understand the bank are in it for the money, but just because you can, doesn’t mean you have to. Look at the housing crisis; the banks sold variable interest rate mortgages to millions of people.  Understandable, some people bought more than they could afford, but many were first time home owners that were told that they could only get a variable rate for their first mortgage.  People who were never late on their mortgage may have fell behind on a credit card, accumulated some medical debt, etc and their credit score dropped some.  The banks took advantage of the situation and started to economically rape the American people.  Millions of homes started to foreclose, people couldn’t afford the upkeep of their home and pay the mortgage, in turn, and house prices fell for everyone. With Citibank doing [...]]]></description>
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