If you compound 20% credit card, compounded yearly, for 50 years it multiplies 9000 times roughly. So a $10 burrito would cost you $90000 at the bank compounded yearly. But inflation at 4% might be somewhere 7 times so burrito would cost $70 in 50 years.
But an American Express gold card is compounded daily at over 20% which comes out to 21000 times if you let it compound for 50 years right?.. Plus the $250 yearly fee. So that burrito costs $210,000 over 50 years.
With these prices on food and credit,
$70 Vs $90000 Vs $210000
What happened to human rights? If the USA’s version of capitalism is to send the poor to churches for feeding after the EBT card runs out, isn’t it a theocratic capitalist country? Why can’t there just be tiered financing depending on the need?