Is that you, Robert Mugabe? Bob, long time no see? How are the price controls on your stores in Zimbabwe working?
Interest rates on homes are still pretty darn low. My first mortage in 1990 was 9.625% and I had pretty good credit. To get that high of interest rate now you would need to have "killed and ate last collection agent who asked to be paid" on your credit report. The bigger problem is that banks are getting scared of giving any loans at all to people with less than stellar credit. A government mandate to reduce interest by a couple percent will stop all loans from being made.
Credit card rates are lousy, especially if you miss payments and the bank puts you on the default rate. But the normal rate was probably 18%-21% when you signed up, so if you are using them to borrow money or support your lifestyle you already have "Chump" written on your forehead. Someone has to pay for people like me who use the card, keep the money in the bank and pay off in full at the end of the month.
Neither would be improved by the government's Greedy Hand getting involved. If that does happen, it is time to take your money out of the bank and buy guns, gold and groceries.
LOL !
Why should chumps have to foot the bill for their own irresponsibility? < /s>
I can't imagine who could be stupid enough to keep a running balance on an 18%-20% credit card.
I've got two Master Cards and a Visa all at 8% -9% interest. I barely pay anything in interest.