Cap Credit card interest rates.
They have already…
Raised minimum wage.
Imposed rent control.
… How has that worked out?
Posted on 09/14/2019 2:10:34 AM PDT by C19fan
California lawmakers approved legislation Friday to cap interest rates for consumer loans, a measure that supporters say is designed to blunt predatory lending practices.
The bill would cap consumer loan interest rates at 36 percentage points above the main interest rate set by the Federal Reserve, which is currently around 2%. Consumer advocacy groups say some loan companies charge interest rates as high as 225%.
(Excerpt) Read more at msn.com ...
They did that in Arizona some time ago. The payday lenders just added an “origination fee” to cover the difference.
The banks are wanting a piece of the action through the creation of small sized line of credits.
What about personal responsibility? It is a sort of law a sub Saharan African country would pass.
People that vote Demonrat generally don’t tend to have “personal responsibility” as one of their traits.
The reality is that nobody should be borrowing money even at 36% APR. That is why there are pawn shops.
Usury is a sin
Cap Credit card interest rates.
They have already…
Raised minimum wage.
Imposed rent control.
… How has that worked out?
This will severely limit payday loans and increase the rob the local convenience store loans instead.
Sudden spike in scratch ticket purchases. ... unexplained
“Every time they make a law, they create a business.”
“Every time they make a law, they create a business.”
Absolutely, and you can bet that the lawmakers are the first to open and/or invest heavily in those businesses.
In these cases, the business benefits neighboring states as the best & brightest (as well as ANY young people) flee. Happens here in the NYC metro area; young people with a good work ethic have few economic prospects.
The major populated areas of California are a long way from another state, unlike in NYC.
It puzzles me that California is still a going concern. That must mean that the disincentives for living there, even for taxpayers, don’t yet outweigh the incentives. Bill the Son, who works for an advertising agency, is going to L.A. next week. He was trolling for a catsitter at a family get-together last night.
“The bill would cap consumer loan interest rates at 36 percentage points above the main interest rate set by the Federal Reserve”
Even that is ridiculous. I’d say 25% over is more like it.
California legislature has gone full wackadoodle.
The NYC metro area includes northeastern NJ and southwestern CT, and the refugees from the invasion and associated costs aren’t necessarily fleeing to nearby states - more and more are heading to the Southeast and Southwest.
Yeah, we noticed. It's considered noteworthy when new members of our church aren't from New York or New Jersey, or half-backs who tried Florida first.
The old ladies' Bunco gathering sounds like a convention of Joan Rivers impersonators.
Some of these lawmakers are ignorant about economics. Some are corrupt and expect to gain from the outcome. No one with integrity and wisdom would support the interest control and rent control that they are implementing in Califorinia.
No more loans for you then, they price your interest rate based on the risk to the lender and the convenience of getting a quick unsecured loan.
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