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Gross: Hawley teaming up with Bernie sanders to put a cap on credit card interest rates
Posted on 2/5/25 at 7:33 am
Posted on 2/5/25 at 7:33 am
Pure economic illiteracy.
If you’re teaming up with Bernie Sanders, it’s a bad idea. There are no exceptions to this.
You can not use price controls for interest rates of private creditors. If you do, they will simply stop extending credit. Unsecured credit card debt is risky. That’s why rates are high.
Loading Twitter/X Embed...
If tweet fails to load, click here. If you’re teaming up with Bernie Sanders, it’s a bad idea. There are no exceptions to this.
You can not use price controls for interest rates of private creditors. If you do, they will simply stop extending credit. Unsecured credit card debt is risky. That’s why rates are high.
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Posted on 2/5/25 at 7:35 am to HailHailtoMichigan!
Get government out of personal finances!
Posted on 2/5/25 at 7:36 am to HailHailtoMichigan!
Kind of disagree. Credit card companies would make more money with lower interest rates. Charging 25% interest just encourages people to get bank loans at a much lower rate, thus reducing the earning potential from that credit card company.
Posted on 2/5/25 at 7:36 am to HailHailtoMichigan!
The response to this will be MUCH tighter credit.
Basically, no one gets a card without +700 credit score.
Basically, no one gets a card without +700 credit score.
Posted on 2/5/25 at 7:37 am to HailHailtoMichigan!
Talk about setting up a credit crunch. If this passed, no one with a credit score under 750 could get access to a credit card. It would be too risky.
Posted on 2/5/25 at 7:37 am to HailHailtoMichigan!
quote:
just like @realDonaldTrump proposed
This post was edited on 2/5/25 at 7:38 am
Posted on 2/5/25 at 7:37 am to udtiger
quote:
The response to this will be MUCH tighter credit. Basically, no one gets a card without +700 credit score
Bingo
Posted on 2/5/25 at 7:38 am to udtiger
quote:
Basically, no one gets a card without +700 credit score.
As it should be
Posted on 2/5/25 at 7:39 am to HailHailtoMichigan!
quote:
Unsecured credit card debt is risky.
In the very least, just cap the risk. They can suggest financial literacy testing in high school regarding credit and debt for more responsible customers.
Posted on 2/5/25 at 7:39 am to BugAC
quote:
Credit card companies would make more money with lower interest rates.
Wow, what idiots these credit card companies are.
All this time they were paying millions of dollars to analysts to figure out profit maximizing actions, when they could have just gone to tigerdroppings and looked at bugAC’s post! For free!!!
Posted on 2/5/25 at 7:39 am to HailHailtoMichigan!
Credit cards aren't a necessity like housing. I despise price controls but maybe the financial illiterate among us having less access to credit isn't the worst thing? It's a death spiral for young adults.
Posted on 2/5/25 at 7:40 am to udtiger
quote:
The response to this will be MUCH tighter credit. Basically, no one gets a card without +700 credit score.
I can see pros and cons but seems like this would be a good thing
This post was edited on 2/5/25 at 7:49 am
Posted on 2/5/25 at 7:40 am to Olric
quote:
I despise price controls but maybe the financial illiterate among us having less access to credit isn't the worst thing?
Posted on 2/5/25 at 7:41 am to BugAC
quote:
Credit card companies would make more money with lower interest rates. Charging 25% interest just encourages people to get bank loans at a much lower rate, thus reducing the earning potential from that credit card company.
So you understand better the statistics and internal metrics of international CC companies with decades of data and teams of actuaries and math nerds to determine specifically what they need to charge in interest to cover defaults and their overall lending operations?
Posted on 2/5/25 at 7:41 am to HailHailtoMichigan!
Maybe, just maybe if the Leftist dont have a multi billion slush fund called USAID then the taxes on US citizens will be less and thereby eliminate the need for poor people to buy on credit.
The US Gov needs to stop being a defacto "company store"
The US Gov needs to stop being a defacto "company store"
Posted on 2/5/25 at 7:41 am to udtiger
quote:
The response to this will be MUCH tighter credit.
Basically, no one gets a card without +700 credit score.
Not sure how this would be a bad thing
Posted on 2/5/25 at 7:42 am to HailHailtoMichigan!
quote:
If you’re teaming up with Bernie Sanders, it’s a bad idea. There are no exceptions to this.
I don't think we realize what made good legislation pass for two damn centuries. Debate, working together, and politicians that weren't bought by banks and every other business sector.
Posted on 2/5/25 at 7:42 am to udtiger
quote:Bernie going to crush the poors
The response to this will be MUCH tighter credit. Basically, no one gets a card without +700 credit score.
Posted on 2/5/25 at 7:42 am to SDVTiger
quote:
Not sure how this would be a bad thing
Not saying it is, or isn't. Just pointing out the inevitable outcome.
Posted on 2/5/25 at 7:42 am to Samso
quote:
The response to this will be MUCH tighter credit. Basically, no one gets a card without +700 credit score
Bingo
How would something like this affect our march towards digital currency? Would cash make a comeback?
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