Guess rhey want to run them oit of business, too.
What they don’t get is that if you cap it, it means those high risk people simply won’t qualify for cards.
That’s a great idea. Of course the credit card companies would never think of tightening up their qualifications and lending limits in order to remain profitable.
Government price fixing worked great in Venezuela.
I guess her credit cards are maxed out
Why? they already don’t charge interest to m*slims?
Central control of prices. What could go wrong?
Man, are these two bossy.
Better yet, make recurring charges illegal
Charging upwards of 25% is a rate that even loanskarks are embarrassed to try.
The only difference between them and banks are bankers don’t break your kneecaps.
However if they outlaw the rates banks charge then only outlaws will charge these rates(hmmmm, where have I heard this terminology before?....)
Why 15%? Why not cap at 10%, or less?
I get it. $15 mininum wage, 15% maximum interest. Easy to remember, no slip ups due to confusion.
I don’t believe in government price controls. However I do feel sorry for people that don’t pay off their credit cards each month and pay such high rates. Not a smart thing to do. But it is voluntary and there is no reason for anyone to not live within their means.
Now the government ... well that’s another story. :-)
But charging us 30% or more on our income taxes is just hunky-dory, right Bernie?
More asinine socialism - capping rates means simply capping risk. Two results will occur. Fees and overage charges will rise to compensate, and a large portion of Americans with poor credit will simply not get any credit at all.
As with all socialist-statists schemes, they will wind up hurting the people they claim they want to help.
The real answer? End the Federal Reserve and return to a gold-standard monetary system. Gov’t and Federal Reserve supported financial usury will immediately disappear. But that’s a discussion for another time....
Pandering. They both know there is zero percent chance of that happening. Meanwhile Dems rake in big bucks from the financial sector.
We consumers already have the ability to avoid those high interest rates.
Pay off your credit card balance, and you avoid those interest charges.
Anyone carrying high credit card balances from month to month, has some deeper financial problems than the interest rate on that credit card.
Like they should like make credit cards Free and stuff. Like you know, Free college, and like free medical care and free birth control and free abortions, like you know, right?!?!?.
Well, it will require a minimum of 710 or more credit rating to get to use a credit card then.
Government intrusion into the market Never ends well.
Low interest means high annual fees.
And there goes credit for lots of Americans. An untold number of businesses get funded via credit cards, as does emergency funding for a car repair, lost job, etc.