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How Credit Cards Create Money


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In this episode of Money Creation Explained, we are going to cover How Credit Cards Companies Create Money.

Current options to borrow are from banking and lending institutions who charge high interest rates. Some credit cards offer zero or low interest rates for a time period but then afterwards interest rates spike up as much as 29% APR (annual percentage rate) plus late and other fees. These credit cards companies lure people into their trap knowing that there will be many people who fall into this interest trap. Once in debt, it is hard to get out.

There are many reasons why credit card interest rates and other fees are very high. The majority of credit cards are unsecured loans. Unlike a mortgage or an automobile loan, where the banking institution has collateral to take if the borrower does not make their loan payments, there is nothing the bank or card issuer can collect besides interest and negative credit ratings for late payments.

Another reason that credit card fees are very high is that borrowers are unpredictable with their purchases. The card issuer does not know how often borrowers will use the card, how much will be charged (within credit limit provided), where it will be used, or when it will be paid back. This added risk translates into a higher interest rate to cardholders since banks issue unsecured credit to millions of people. Bank issuers never know when the balances will be paid off by their borrowers compared to the funds that they have laid out. High interest rates charged by these banking and credit card institutions allow these companies to operate and make a profit.

IOU Notes is a peer-to-peer credit and loan platform.

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