“As of December 2024, the average APR was 24.43%”
Imagine the compounding of debt at that rate! Ouch.
What are the negative effects or unintended consequences of capping credit card rates at 10%, even temporarily?
“Excellent reporting with the numbers. Socrates ( Armstrong’s computer) makes forecasts by “numbers” and worldwide capital movements.”
You left out “legendary” ...
Trump’s fault! (/S)
Martin Armstrong https://en.wikipedia.org/wiki/Martin_A._Armstrong claims he is a forecaster, and he sells forecasts. He claims that he has a Global Artificial Intelligence Computer that he uses to make his forecasts. He reports numerous success stories with falsified forecasting performance. He projects different types of crises and sells expensive reports and conferences. He claims that consumers of his products survive the projected crises financially. He also sells a computer based trading system Socrates as a service for trading purposes with fraudulent performance claims. It clearly contains buy and sell signals although he writes in his fine print that it is for educational purposes only. He offers buy and sell advice in his subscription based blog. He claims that he has been the largest institutional and government advisor for decades. However most if not all of his performance claims are falsified. For example, no government has ever asked him for advice - instead the US government locked him up in prison for 11 years, and his recent petition was denied: https://certpool.com/dockets/19-392. The details of his scam are exposed at https://armstrongecmscam.blogspot.com/ which is a blog site. However it is organized and structured to some extent so it is easy to read. Further information can be found at https://bitcointalk.org/index.php?topic=1082909.new which is more difficult to read but contains more information. Martin Armstrong is a master of publishing his content and getting interviews from various affiliated alt-finance sites such as zerohedge.com, financialsense.com, bnnbloomberg.ca, dailymotion.com, fxstreet.com, marketsanity.com, omny.fm, peakprosperity.com, financialsurvivalnetwork.com, usawatchdog.com and others. Most recently, an affiliate even created a Coronavirus scam by creating a petition where Martin Armstrong is advertised as a government advisor to solve the crisis. See “Bring in the expert Martin Armstrong to stop the destruction of the world economy” https://petitions.whitehouse.gov/petition/bring-expert-martin-armstrong-stop-destruction-world-economy. He also sells an electronic book trying to profit from the crisis: “Coronavirus and Next Great Depression”. I am suggesting that you read all pages of https://armstrongecmscam.blogspot.com/ That info I guess would be sufficient to create a court case against him. There is one overarching theme which is that he is barred from providing financial advice, and that his fine print on the product he sells states that it is for educational purposes only. However, he is continuously making public statements to the contrary selling his services as trading advice. There is proof of that on the quoted site. The other theme is that via the misrepresentation of the performance of his forecasting engine, he is misrepresenting the performance of his services in general because he claims that his services are driven by that engine. The misrepresentation has many manifestations, including the falsification of forecasting track records as documented on https://armstrongecmscam.blogspot.com/.
https://armstrongecmscam.blogspot.com/p/where-and-how-to-complain.html?m=1
TG is in troll mode tonight...
“Socrates ( Armstrong’s computer) makes forecasts by “numbers” and worldwide capital movements.”
Then why did he go bankrupt several times and lose hundreds of millions of investors’ money?
The only way Armstrong has ever made any money is through scamming suckers.
Armstrong and Delta7 both say we will have a US civil war start this month ending in 2026 with four new countries.
Excellent reporting with the numbers. Socrates ( Armstrong’s computer) makes forecasts by "numbers" and worldwide capital movements.This fraudulent advertising by the best known scammer on the planet on Free Republic stinks. He wants to sell his snake oil here i.e. his useless reports and books costing hundreds. Buyer beware!
Nothing to see here, all is well say the democraps.
Can’t Biden just forgive the debt? /s
Businesses, big and small, are also opposed to the cap.
Easy credit means more consumer spending.
And if the consumer defaults, the bank, not the business, takes the hit. (The bank, of course, pass it on to other consumers.)
https://wallethub.com/edu/cc/historical-credit-card-interest-rates/25577
I do not cry for the banks at all.
They are acting like mafia as shown by the historical rates vs prime rate.
not only that, they get to write off their bad debt.
My statement is this: Paying off credit card balances on a monthly basis with your own money is economic activism.
Who didn’t see that coming? What’s the next parting act of whoever is pretending to be president, forgiving all credit card debt? I mean why not, the taxpayers surely wouldn’t mind, right?
It’s a war.
Gubmint borrowing money like crazy to print money necessary to cover money it got no business spending.
The sheeple respond by using plastic to borrow money they will never be able to pay back which results in default.
But the gubmint hasn’t defaulted yet.
I say its about time the gubmint defaulted and Trump may be just the guy to do it.
Trump needs to default on the bonds held by the Red Chinese.
He can call it pay back for the destruction to our economy caused by the bio weapon known as the kung flu.
I used to have credit cards with great interest rates at 6 or 7 or 8 percent. Then the federal government (CFPB) got involved for my “protection” and ruined it all.
“Excellent reporting with the numbers.”
Armstrong: As of December 2024, the average APR was 24.43%
Wrong. That is the average for new cards. Older existing cards have a lower APR.