Wealthy people who don't need more money still borrow huge sums to make more money. It's easier to borrow if you are low risk and they know you have the assets to pay back the loan. If you have no credit record to point and no assets to use as collateral or evidence of creditworthiness (low risk to creditor), then you will have to pay higher interest at usurious rates. Usury is forbidden in many Muslim countries and was forbidden in the old testament. It is one of the first sins named in the Bible. I don't understand how Christians tolerate this basic principle of their religion. Many states put limits on interest rates but some don't and so that's why the credit card companies have their headquarters in those states. Sioux Falls is in one of those states and that's where you send you payments for citicards and why it's there in that state. Check out the limits in your state and lobby for lower limits or APR for credit and loans of all kinds.
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