Only in America, folks. Only in America.
We bail out the shitty bank oops Citibank now known as Citigroup with tens of billions of tax-payer dollars and the incompetent swines turn and raise interest rates on credit card holders.
What the f**k is Obama doing. Walking the new dog that he has no time to respond to desi butcher’s dirty tactics?
Here, read this excerpt from the Financial Times:
Citigroup has sharply increased interest rates on up to 15m US credit card accounts just months before curbs on such rises come into effect, in a move that could fuel political anger at the treatment of consumers by bailed-out banks.
People close to the situation said that Citi, which is about to cede a 34 per cent stake to the US government as part of its latest rescue, had upped rates on between 13m and 15m credit cards it co-brands with retailers such as Sears and Macyâ€™s.
Citi’s rate increases emerged on the day the government proposed legislation to create a new regulator with sweeping powers on consumer protection and a week after the bank was attacked by some politicians for raising employees’ salaries.
Holders of co-branded cards who failed to pay their balance in full at the end of the month saw their rates rise by an average 24 per cent or nearly 3 percentage points between January and April, according to a Credit Suisse analysis of data from the consultancy Lightspeed Research.