I think the "Unintended Consequence" will be that interest will be charged from the time of purchase. That is every credit card user will pay interest even if they pay off their bill as soon as they receive it. This will lead to a significant drop in credit card usage which will have a depressing effect on spending. This would normally be deflationary but the central planers will do whatever they can to obscure the evidence and destroy the currency instead. Have a nice day.
ML/NJ
“I think the “Unintended Consequence” will be that interest will be charged from the time of purchase”
That’s simple, just cancel the CC and pay everything in cash.
A CC is nothing but a convience card anyway and will only make checkout lines longer.
I’ll just get 500 or 1000 everytime I go to the ATM instead of 200 I get now.
Do debit cards have a fee to use or interest? Or the cards that draw direct from your savings/checking accounts? I’ve never used either, but if they start charging interest on purchases from the time of purchase, I’m sure a lot of folks will.
I’ve used credit cards for almost 20 years now, carried a balance at times, missed payments once or twice (when I was much younger), and used them in emergency situations. Not once did I feel I was screwed by the credit card companies.
You’re right. I wonder how this will effect internet shopping? I purchase almost everything on the internet and you need a cc for that, this will probably change things.