The first time I heard last week that First Premier Bank, a sub-prime institution, was offering a 79.9% interest rate on a credit card, I was actually upset for a different reason than the obvious. You see, while I obviously believe this interest rate is ridiculous, and First Premier Bank is anything BUT premier, or first to serve anyone, my real concern was that this bank felt completely comfortable publishing this for all the world to see.
In other words, in my opinion First Premier Bank believes that a few people will moan and groan about how high this interest rate is, but that their primary, target market client base — those credit desperate and financially illiterate — will continue to do business with them. And this is why I keep saying, "if you don't understand the language of money, and you don't have a bank account, you are nothing more than an economic slave."
I am absolutely convinced that in the backdrop of this global economic crisis, that financial literacy will become the civil rights issue, and the first global silver rights issue.
Connect hereto read the complete story on First Premier Bank in the AJC. What is the world coming to when we think this is "okay?"
Onward with HOPE
John Hope Bryant