Posted on 09/19/2024 11:17:26 AM PDT by mooncoin
During his Wednesday Uniondale rally, President Donald Trump announced credit debt relief for millions of Americans by planning a temporary 10 percent cap on credit card interest rates.
“And while working Americans catch up, we’re going to put a temporary cap on credit card interest rates. We’re going to cap it at around 10 percent. We can’t let them make 25 and 30 percent,” Trump said.
According to Lending Tree, credit card interest rates for new credit offers is at an average of 24.92%. High credit card interests are currently hurting everyday hard-working Americans with multiple credit cards.
Forbes reported that credit card debt in 2024 continues to skyrocket at an alarming rate. The average American’s credit card debt rose “from $5,947 in the second quarter of 2023 to $6,329 in the second quarter of 2024.”
Under the Biden-Harris administration, the purchasing power of Americans continues to dwindle due to high inflation rates, while the American dream is now in decline and out of reach for homeownership and extra funds for discretionary spending. The ripple effects in the last three and a half years resulted in many Americans falling behind with high monthly credit card payments.
The lives of Americans nationwide have become increasingly difficult with high unemployment rates, high childcare costs and the lack of high-paying job opportunities. Trump’s newly proposed economic policy to cap credit card interest rates at 10 percent will be one of the many paths to help lead Americans to improved financial futures.
Well, now Trump is dead.
Not a bad idea, but would crash the credit industry. Long term great idea. Short term very, very, bad.
I AGREE WITH TRUMP!! 10% MAX.
So when will they put a cap on the government’s credit card?
never, they will go until we have a Zimbabwe type crash.
I realize its politics, and a critical election
Trump wants to win
I highly doubt he would ever implement it
This is directly aimed at young black and hispanic young millenials and Gen Z, whose credit and student loan delinquency rates are about 3X-5X national averages
I think Trump feels secure in his truly economic conservative base who will not defect
So IMHO its pure rhetoric for the election.
Inflation is probably a big part of it, as well as weak economy with higher default rates.
I consider people not having credit cards to be an improvement.
Now that will actually help. I know people who are using credit cards to buy groceries.
are you kidding? this directly impacts all young families and individuals.
60% of the country is going check to check.
just takes 2 or 3 months in a row of surprise bills and they’ll end up using the card.
at 25%, which is low for new card holders, a single charge of $1000 and then paying minimums every month will result in $14k over 12 months.
that’s insane.
“they’re pushing 30% MONTHLY...
which is roughly 360% ANNUALLY..”
I’ve never seen 30% monthly on a credit card agreement. Source?
I’ve seen 29.6% annually.
“a single charge of $1000 and then paying minimums every month will result in $14k over 12 months.”
Lol you’re way off base on this
My beef is media form over policy substance.
Yup.
Bad move since this is price fixing.
Hmmmm. Wil dry up credit for many.
Haha, I’m with Trump no matter what...it’s a bad policy is my opinion. He brought it up, im reacting but with Trump 100%
I would welcome a cap based on the previous year’s inflation. Maybe 10% above the inflationary rate of the dollar? I haven’t crunched any numbers to see what that’d do, it’s just off the top of my head.
Its pure statism and socialism - and guaranteed to create many bad unintended consequences. It will never be implemented by a Trump administration.
But as I explained, Trump is saying this to score electoral points with one particular demographic.
Its kinda funny because he's stealing thunder from Kamala, which Trump loves to do.
Its a terribly stupid idea, but Trump understands he already has votes from people like me.
So I'll accept it, and treat it as cynical electoral political pandering that it is.
ok, back peddling here...
yes, the 19-30% is ANNUAL not monthly
i was recently told it was monthly as a banker was trying to have me get a card with them (i’ve only had one card since the 90s and i don’t carry a balance)
just confirmed with another bank and you are correct, it’s supposed to be annual not monthly.
still, 30% is insane (the numbers the bank was trying to push was 19-30%)
I am getting a gut feeling Trump is seeing the internal polls going the wrong way so he is throwing out these harebrained ideas.
“He really is getting crazy with this pandering”
Is it a sign his campaign is getting desperate? Kamala’s speechwriters should have fun with this idea.
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