Good evening. When the Federal Reserve made two dramatic cuts in interest rates last month, there were reassurances that interest rates on credit cards would come down as well. And that was promising news to the 175 million Americans who are paying an average 19 percent interest on a total debt of nearly a trillion dollars.
But reassurances in many cases have not become reality. Rather than lower rates, the rates on many cards have actually gone up. And Dan Harris is here tonight to explain why. Dan. Charlie, good evening. Here’s the deal. Just because the Fed is cutting interest rates does not mean the credit card companies have to cut their rates for us.
As many Americans are finding out right now, the banks have a lot of leeway. The cost of using a credit card is going up at a time when Americans are hurting. “This is really an outrage.” Credit card companies such as Capital one, Bank of America, and Chase have notified hundreds of thousands of customers that their interest rates are going up.
Richard Davis says he only found out that his interest rate tripled from 8 to 24 percent when he checked out his statement online. “I was shocked. I was angry. I’ve never been late on a payment with Chase, ever.” What’s more, banks are also raising credit card fees for everything from annual charges to late fees. They sometimes even bill people for paying one hour late.
And though the credit card companies deny it vehemently, many industry observers say the banks are squeezing cardholders in order to make up for big losses in the mortgage mess. Congress is now considering bills that would require banks to notify customers before they change rates or fees. “At this point, they just raise the fees and they don’t even tell you. And here’s your…here’s what you owe, and they make it retroactive on the entire balance of…of your card.”
And this is not just a problem for individual cardholders; it’s a problem for the entire economy. The more people struggle to pay their credit card bills, the more they will cut back on their spending, which slows down the entire economy, as I said, Charlie. And defaults are already going up. Dan Harris reporting. Thanks very much tonight.
※ Just because S+V doesn't (necessarily) mean (that) ... : ~ 한다고 해서 ( 꼭 / 반드시 ) ... 하는 것은 아니다 . ex. Just because you haven't seen it yet doesn't necessarily mean it doesn't exist. ex. Just because I've agreed with you doesn't mean I like you.
※ The + 비교급 ~, the + 비교급 제 1 형 : The+ 비교급 + 주어 +be 동사 , the+ 비교급 + 주어 +be 동사 : 일반적으로 주어가 대명사일 때 - The richer you are, the healthier you are likely to be. 제 2 형 : The+ 비교급 + 주어 +be 동사 , The+ 비교급 + (be 동사 )+ 주어 : 주절에서 주어와 be 동사가 도치되는 것은 일반적으로 주어가 명사이거나 길어 질 때 - The more overweight you are at 70 years of age, the greater (is) your Alzheimer's risk. 제 3 형 : The+ 비교급 + 주어 + 일반동사, The+ 비교급 + 주어 + 일반동사 - The higher we climb, the colder it becomes. (높이 오르면 오를수록 더 추워진다.) 제 4 형 : 의미를 문맥으로 추리할 수 있을 때는 S+V 생략 가능 - The more, the better. (많으면 많을 수록 좋다 .) - The sooner, the better. (이르면 이를수록 더 좋다.)
Federal Reserve : 연방준비제도이사회 / the Federal Reserve Board (연방준비제도이사회), the Federal Reserve Bank(연방준비은행) interest rate : 이자율 reassure : 안심시키다 ex. The doctor reassured the patient about his disease. 의사는 병세 를 설명하여 환자를 안심시켰다 * reassurance :1. 안도감(the state of being reassured) 2.안심시키는 말(가 산)(an explanation that helps someone feel less worried) ex. She needed reassurance that she belonged somewhere... ex. Despite her father's reassurances, she was still frightened of the dark. promising : 장래성 있는, 전도유망한 ex. a highly promising young artist ex. The team got off to a promising start with four points in the first minute. Here’s the deal : 1.이렇게 하자 (ways to do things or to suggest doing things) 2. 상황은 이렇습니다, 들어보세요. ex. Here's the deal. You do my homework for me, then I'll give you the movie tickets. ex. You want to know what happened between Carol and me? Well, here's the deal. leeway : (사상·행동의) 활동 여지, 자유 / the amount of freedom that someone has to make their own decisions or to take action outrage : 격분, 분개, 격분시키다 / (가산명)무도한 행위, 그러한 경우 (an event or action that makes you feel extremely angry and upset) ex. This decision is an absolute outrage! * outrageous : 부당한, 지나친, 말도 안되는, (미구어) 멋진, 훌륭한 ex. an outrageous price 엄청난 가격 / ex. She blames me for causing her father's death. But that's outrageous! notify : 통지 [통보] 하다, 신고하다 ex. notify the police (of a case) (사건을) 경찰에 신고하다 ex. They notified the students [The students were notified] that they should meet at the hall. 학생들은 회관으로 집합하라는 통지를 받았다 triple : 3 중의, 3 배의, 3 부분으로 되는, 3 배의 수 [양], 세 개 한 벌, 3 중 [배] 의 것, 3 중 [배] 으로 하다 * quadruple 4 중 [겹] 의, 4 배, 4 곱으로 하다 [되다] * triplet : (~s) 세 쌍둥이, 세 쌍둥이의 하나, 셋으로 된 한 벌 * quadruplet : (~s) 네 쌍동이, 네 쌍동이 중의 한 사람, 4 개 한 벌 [세트] check out : 1. (호텔 등에서) 체크 아웃하다, (슈퍼마켓에서)<손 님이> 계산을 하다 [하고 나오다], 2. ~ 을 점검하다 ex. Joan had already checked out of the hotel. ex. The police are checking the woman out. statement : 성명, 성명서, 진술, (통장의)거래내역서 ex. I receive a bank statement every month. 매달 통장 거래 내역서를 받아본다. late fee : 연체료 vehement : 열심인, 열정적인, 격 렬한, 맹렬한, <감정이> 강한. squeeze : 밀어 [쑤셔] 넣다 (into), ~ 을 짜다 [압착하다], ~ 을 경 제적으로 압박하다, <돈·물품을> (남에게서) 억지로 빼앗다, 압착 (하기 [ 되기 ]), 짜기, 꽉 쥐기, 갈취, 협박, 강요, 궁지, 곤경 ex. Small businesses are being squeezed by heavy taxation. make up : ~ 을 구성 [형성] 하다, 화장하다 ex. Eleven players make up a team. 11 명의 선수가 한 팀을 구성하고 있다. ex. All things in our universe are made up of atoms. 우주의 만물은 원자 로 이루어져 있다. * make up for~ : ~ 을 보상하다 (compensate), 만회하다, 벌충하다 ex. Nothing can make up for the loss of a child. mortgage : 저당, 주택 융자, 모기지, ~ 을 저당하다 ex. hold a mortgage on a person's house 의 집을 저당잡다 / ex. The estate is mortgaged. 그 대지는 저당이 되어 있다. * take out a mortgage 모기지융자 받다 mess : 1. 혼란, 뒤죽박죽, 엉망진창 2. 곤경, 분규, 궁지 (a difficult situation with a lot of problems, especially because people have made mistakes) ex. The garden was a real mess. ex. "What a mess!"she said, looking at the kitchen. * make a mess: Try not to make a mess because I've been cleaning. / ex. an economic mess * be in a mess: ex. The company was in a complete mess when she took over. retroactive : (효력이) 소급하는 balance : 1. 잔고 ( [count]the amount of money you have in your bank account), 2. 결제잔금/ [singular] the amount of money that you owe after paying part of the cost of something ex. I'd like to check the balance in my account please. ex. The current balance in your checking account is $1,182. 현재 당 신의 당좌예금 잔고는 1,182 달러입니다 . ex. I have a negative balance on my bank account. 내 통장은 지금 마이너스야 . ex. You pay a deposit now and the balance in 12 months. 보증금은 지금 내시고 나머지는 12 개월에 나눠 내세요. ex. carry a balance on your credit card 신용카드 빚을 지고 있다, 결제할 금액이 남 아있다. * balance transfer: 카드돌려막기 (카드 빚 잔금을 다른 카드사로 옮 기는 것) struggle : 발버둥치다, 몸부림치다, 애쓰다, 허덕이다, (~ 과) 맞붙다, 분투하다, 싸움, 투쟁, 힘든 일 * struggle to do something: ex. We have to struggle to win our freedom. / * struggle with: ex. They've had to struggle with the painful process of modernization. / * struggle for: ex. Andy was coughing and struggling for breath. / * struggle into/out of etc: ex. She struggled into her tight jacket. / * struggle against: ex. people struggling against oppression. ex. It was a struggle to get up the hill in the snow. 눈 덮힌 언덕을 오르기는 너무 힘들었다 cut back : 절약하다, (경비 따위를) 줄이다 (to reduce the amount of something, especially money that you spend) ex. It's time we cut back a little. 좀 절약해야 할 때이다. ex. plans to cut back investment in education * cut back on: ex. We're trying to cut back on the amount we spend on food. * cut down (on) : ex. How can you cut down the risk of cancer? ex. These improvements will cut down on traffic noise. ex. I'm trying to cut down on salt. slow down : 속력을 늦추다, 속력이 떨어지다 default :태만, 불이행 (neglect), 채무 불이행, 디폴트값, 의무를 게을리하다, 채무를 이행하지 않다