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Dems are financially retarded. Want to impose 10% cap on credit card interest rates
Posted on 11/9/26 at 6:24 pm
Posted on 11/9/26 at 6:24 pm
Loading Twitter/X Embed...
If tweet fails to load, click here. This will hurt the lower-middle and lower classes more than any other groups. A large portion of their voter base.
FWIW, I said it was dumb when Trump proposed it too
This post was edited on 11/9/26 at 6:34 pm
Posted on 11/9/26 at 6:27 pm to stout
Wow how IGNORANT. If the risk spectrum isn’t right the those not deserving of credit simply won’t get it. It will certainly slow down inflation because it will curb spending.
Posted on 11/9/26 at 6:28 pm to stout
Yes, we need to encourage more people to recklessly max out their credit cards, hell, why not cap it at 0.0%
Posted on 11/9/26 at 6:28 pm to CaptainJ47
quote:
If the risk spectrum isn’t right the those not deserving of credit simply won’t get it.
The bottom 30% (subprime) will lose their credit card access immediately
Posted on 11/9/26 at 6:29 pm to stout
That’s how you get every capital provider to pull out of that market.
This post was edited on 11/9/26 at 6:29 pm
Posted on 11/9/26 at 6:31 pm to stout
quote:
The bottom 30% (subprime) will lose their credit card access immediately
And it would completely shut the door on young people just starting out that need to establish credit
Posted on 11/9/26 at 6:31 pm to stout
Oh without a doubt. Or alternatively the lenders will create an alternate vehicle. They won’t let that revenue or income be lost. They will come up with something as collateral or call them all lines of credit vs credit cards.
Posted on 11/9/26 at 6:32 pm to stout
quote:
Want to impose 10% cap on credit card interest rates
Anna Paulina Luna and AOC filed a bill last year to cap rates at 10%
Posted on 11/9/26 at 6:38 pm to stout
This would be catastrophic for the lower class income level. You get what you vote for. They are creating the red tidal wave for us. Just sit back and watch the complete implosion they will bring upon theirselves.
Posted on 11/9/26 at 6:38 pm to stout
quote:Trump has been committing the mortal sin of “working with democrats” since late last year on this.
FWIW, I said it was dumb when Trump proposed it too
This post was edited on 11/9/26 at 6:39 pm
Posted on 11/9/26 at 6:41 pm to stout
quote:
The bottom 30% (subprime) will lose their credit card access immediately
This may not be a bad consequence but people will scream “equity” immediately!
Posted on 11/9/26 at 6:42 pm to jlnoles79
quote:
Anna Paulina Luna and AOC filed a bill last year to cap rates at 10%
Yep and that is why you avoid big titty and hot bodied reps to lead. Good to look at but awful to have as a leader. Trump has this problem too.
Posted on 11/9/26 at 6:47 pm to stout
You are overthinking this lol it isn’t a negative for CC companies so why would they turn down future business? If the government caps interest at 10% then consumers think they are getting a “good” deal and will increase not decrease their spending. Credit card companies aren’t opposed to this behind the scenes and are fully onboard. It’s a terrible idea for consumers but a brilliant idea for politicians
Posted on 11/9/26 at 6:48 pm to Rip Torner
quote:
You are overthinking this lol it isn’t a negative for CC companies so why would they turn down future business? If the government caps interest at 10% then consumers think they are getting a “good” deal and will increase not decrease their spending
You are economically stupid
CC companies need higher rates to offset the losses from lending to subprime borrowers.
Posted on 11/9/26 at 6:52 pm to stout
quote:
The bottom 30% (subprime) will lose their credit card access immediately
CC companies will work with those who have an event which causes an inability for those to pay the card off at 29% interest. The dems are simply trying to help those who they see as future "customers" of dem policy.
Subliminal vote buying. Even Bernie wants to give out more SS income than what is currently being received!!
Posted on 11/9/26 at 6:58 pm to stout
DEMS are retarded....FIFY
Posted on 11/9/26 at 7:00 pm to Timeoday
quote:
will work with those who have an event which causes an inability for those to pay the card off at 29% interest
An event like going to Cancun instead of paying down your debt? "Work with those" just means the company creates losses to write down debt.
Which, in turn, means rates on everyone else have to increase to make up for the losses. Since you "cap" interest rates, now late fees with double and triple in cost, etc. Morons all over thought Dodd-Frank was a great idea until it had unintended (but well documented) consequences, and then everyone just forgot about it.
Posted on 11/9/26 at 7:06 pm to stout
Trump wanted a 50 year mortgage 
Plenty of financial illiterates on both sides
Plenty of financial illiterates on both sides
Posted on 11/9/26 at 7:07 pm to stout
quote:
FWIW, I said it was dumb when Trump proposed it too
He said for 1yr
Posted on 11/9/26 at 7:07 pm to LemmyLives
If you use a “credit card” and not pay it off every month you have no business using it. Find a better way to finance your “wants’.
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