Don't count on the government to help you with your credit card debt. You need to take action yourself and erase your credit card debt yourself!
From MSNBC.com
Where can I get in on this zero-interest action?
Last week's move by the Federal Reserve to let a key interest rate fall to as low as zero has lots of readers asking: Where can I get some of this zero-percent financing?
If the prime interest rate is at near zero percent shouldn't my interest go down on my credit cards? The fee is supposed to be "prime plus 5 percent" or 6 percent or whatever percent.
— Carol, Fort Myers, Fla.
The prime rate did indeed drop following the Fed’s announcement last week that it was letting the short-term federal funds rate fall to zero. But that fed funds rate applies only to banks lending money to each other overnight. The prime rate — originally reserved by banks for their best (or “prime”) business customers — is typically about 3 percentage points higher than the Fed funds rate. That "spread" is how banks make their money.
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