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Started By
Message
Capping credit card rates is going to have unintended consequences
Posted on 1/13/26 at 12:43 pm
Posted on 1/13/26 at 12:43 pm
Capping them at 10% means less people will be approved for credit cards, as the companies will want to reduce the amount of risk they take on. Those who borrow will be less incentivized to pay their bills and more people will go into debt.
34
Posted on 1/13/26 at 12:45 pm to DyeHardDylan
quote:
Capping them at 10% means less people will be approved for credit cards,
good
quote:
. Those who borrow will be less incentivized to pay their bills and more people will go into debt.
Explain this logic.
Posted on 1/13/26 at 12:47 pm to BugAC
quote:
Those who borrow will be less incentivized to pay their bills and more people will go into debt.
Explain this logic.
Less fees = less stress/ burden to take care of it.
The people who pay their debts will do better and the people who don't will get worse.
If less people are approved for "bad debt" then that will help the bottom line but the "bad debt" will increase for whoever has access.
This post was edited on 1/13/26 at 12:50 pm
Posted on 1/13/26 at 12:48 pm to Dantheman504
People who already don’t pay their bills will continue to not pay their bills but it will definitely help the ones thst do
Posted on 1/13/26 at 12:48 pm to DyeHardDylan
Maybe more people will quit buying things they can’t afford
Posted on 1/13/26 at 12:48 pm to Dantheman504
quote:
The people who pay their debts will do better and the people who don't will get worse.
No, they simply won't be approved, congruent to your opening sentence.
Posted on 1/13/26 at 12:49 pm to Deuces
quote:
Maybe more people will quit buying things they can’t afford
They should, but they won't.
Posted on 1/13/26 at 12:49 pm to DyeHardDylan
quote:Thats a good thing
Capping them at 10% means less people will be approved for credit cards
quote:There’s no interest on my water bill but I’m going to pay it because I want running water. Same thing applies to everyone else
Those who borrow will be less incentivized to pay their bills and more people will go into debt
Posted on 1/13/26 at 12:50 pm to DyeHardDylan
quote:
Capping them at 10% means less people will be approved for credit cards, as the companies will want to reduce the amount of risk they take on. Those who borrow will be less incentivized to pay their bills and more people will go into debt
I think the more likely consequences will be - credit card companies will figure out ways to exact dollars from users who pay pay their cards of monthly/never carry a balance. In other words, the responsible consumer will end up paying more for the use of their credit cards and the cost of irresponsibility will go down for those that currently provide the margin for credit card companies.
Posted on 1/13/26 at 12:50 pm to LordSaintly
quote:They will learn a lot quicker how to budget without a credit card there to buy them what they want.
They should, but they won't.
Posted on 1/13/26 at 12:51 pm to DyeHardDylan
quote:
Capping them at 10% means less people will be approved for credit cards
Good.
Posted on 1/13/26 at 12:51 pm to David_DJS
quote:I could see this happening. Like charging an additional 10% on your bill to have your balance below a certain threshold or something dumb
I think the more likely consequences will be - credit card companies will figure out ways to exact dollars from users who pay pay their cards of monthly/never carry a balance. In other words, the responsible consumer will end up paying more for the use of their credit cards and the cost of irresponsibility will go down for those that currently provide the margin for credit card companies.
This post was edited on 1/13/26 at 12:52 pm
Posted on 1/13/26 at 12:52 pm to DyeHardDylan
TBH I don't think many folks with good credit pay interest at all. They just load it up then pay off the balance before it starts costing an extra 25%.
This will be good for folks caught in a bad spot having to put things on cards though
This will be good for folks caught in a bad spot having to put things on cards though
Posted on 1/13/26 at 12:53 pm to DyeHardDylan
There are unintended consequences for EVERYTHING.
Posted on 1/13/26 at 12:54 pm to Bigdawgb
I have never paid any interest on a credit card. This will result in less credit availability for riskier borrowers, but likely won’t affect me or people like me at all
Posted on 1/13/26 at 12:55 pm to Henry Jones Jr
You are going to see less attractive points systems, but if the truth be told, they have been going that way for a while.
I have the Hilton Aspire AMEX. It automatically gives me Diamond status. Just a few years ago, Diamond status meant you would get a room on an exclusive floor, have a private breakfast, and a reception.
Now I get two bottles of value branded water.
I'm willing to give up my status to fix the country's problems - one of which is too many people have access to too much credit.
I have the Hilton Aspire AMEX. It automatically gives me Diamond status. Just a few years ago, Diamond status meant you would get a room on an exclusive floor, have a private breakfast, and a reception.
Now I get two bottles of value branded water.
I'm willing to give up my status to fix the country's problems - one of which is too many people have access to too much credit.
Posted on 1/13/26 at 12:55 pm to AllbyMyRelf
quote:
I have never paid any interest on a credit card. This will result in less credit availability for riskier borrowers, but likely won’t affect me or people like me at all
Because credit card companies won't look to replace all that revenue/margin?
Posted on 1/13/26 at 12:55 pm to DyeHardDylan
It won’t happen. Trump is just talking again.
Posted on 1/13/26 at 12:56 pm to Henry Jones Jr
quote:
They will learn a lot quicker how to budget without a credit card there to buy them what they want.
I fear that many will turn to payday loan shops
Posted on 1/13/26 at 12:58 pm to DyeHardDylan
quote:
Capping them at 10% means less people will be approved for credit cards
which is a good think.....
less people will be "owned" by "big Credit"
honestly, too many people don't understand ho CCs work and dont realize how much they are actually paying to use a CC
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