General Electric Consumer Finance Scales Way Back

Posted by Bill Belew on August 1st, 2010 in Japan | Comments Off

GE Consumer Finance in Japan offers credit cards, housing loans and insurance services.

Because of the Tokyo's decision to crack down on lenders charging exorbitant rates, 30%….making the max 20% in two years, GE Consumer, a subsidiary of General Electric, will scale down its operations.

1. 300-400 jobs from its consumer financing operations, will be cut through early retirement. The total work force is about 2,600.

2. 73 of its 115 branches will be closed.

3. 200 of its 1,300+ automated branches will be shut down.

Borrowing rates should have a cap on them. Charing 30% or more for a loan seems like loansharking to me.

GE is a big company. They can charge lower rates. No need to make all their money off of a few people who don't have any money anyway or they wouldn't have to borrow.

What's the most in interest you have paid on your credit card?


 

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