How would you like to earn 24% interest?
Answers:
Nope, not me. High interest rates generally accompany three things: (1) savings in countries with even higher rates of inflation; (2) a very risky, often close to failing, institution that is desperate for fresh cash; or (3) fraud.
We moved to our town about a dozen years ago and a local financial institution was offering interest rates at over double what the banks were paying. The fine print of the ads said that they were not insured accounts and there was some risk to invested capital. I told my wife that this company was going to fold. Fold they did, losing the locals and some beyond (even with another fine print line that said 'for residents of Missouri only') a 9-digit sum, plus sending several employees to jail.
24 percent interest? Not touching it, not me.
no way. too good to be true so it is a scam.
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