Michael Jackson pays a lot of interest on his credit card.
Originally, they had tried to hammer out a deal in which Citigroup would acquire the loans, and offer Mr. Jackson a more favorable interest rate, around 6 percent, these executives said. Mr. Jackson had been paying more than 20 percent in monthly interest payments.
Erick Schonfeld does the math and notes, “That comes to about $50 million a year just in interest.”
Heh, I wonder if it’s as simple as taking my advice to call Bank of America, smile, and ask them to lower his interest rate. “Hi, yes, Nicole is it? Nicole, I’d like to have my interest rate lowered please” (expectant pause).
…I guess maybe my advice doesn’t work once your interest payments alone are FIFTY FOUR MILLION DOLLARS!!!!!!!!