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re: Gross: Hawley teaming up with Bernie sanders to put a cap on credit card interest rates
Posted on 2/5/25 at 1:45 pm to HailHailtoMichigan!
Posted on 2/5/25 at 1:45 pm to HailHailtoMichigan!
This was a trump plan. Bernie and Hawley just taking him up on the offer.
0
Posted on 2/5/25 at 1:50 pm to junkfunky
quote:
My son just turned 18 last year and has over a 750 credit score. Zero issue getting a credit card.
The younger 2 are setup to have the same when they turn 18. I think you failed as a parent if your kids are aren't in the same situation
What is being used to set a credit score on a 17 year old turning 18? How do they set a credit score on individuals who have never been in a position to enter a legal contract?
Posted on 2/5/25 at 1:51 pm to Y.A. Tittle
quote:
What is being used to set a credit score on a 17 year old turning 18? How do they set a credit score on individuals who have never been in a position to enter a legal contract?
You put the kids on your cards and it generates a score and gives them a good historical average as well since they get that duration on their score. My parents did that for me when I was younger. Never had any issues getting credit if needed.
Posted on 2/5/25 at 1:52 pm to HailHailtoMichigan!
So are you really pro predatory lending?
Or did the last sentence in the X make your TDS flare up?
Or did the last sentence in the X make your TDS flare up?
Posted on 2/5/25 at 2:02 pm to Rebel
quote:
So are you really pro predatory lending?
No such thing. Don't speak like a leftist.
There is lending.
Posted on 2/5/25 at 2:08 pm to Rebel
quote:
are you really pro predatory lending
Oh Lord, the entire group has become Bernie Bros.
Posted on 2/5/25 at 2:09 pm to SlowFlowPro
Speaking of TDS.
How has your week been?
How has your week been?
Posted on 2/5/25 at 2:10 pm to RogerTheShrubber
And your side kicked showed up.
Gang is all here.
Gang is all here.
Posted on 2/5/25 at 2:11 pm to Rebel
quote:
Speaking of TDS.
How has your week been?
The term TDS doesn't apply to me, but it's been fine
Posted on 2/5/25 at 2:11 pm to Rebel
quote:
your side kicked showed up.
The "does not agree with Bernie Sanders side?". Yep.
He's always been an economic retard. You once thought so too
This post was edited on 2/5/25 at 2:15 pm
Posted on 2/5/25 at 2:11 pm to Rebel
quote:
So are you really pro predatory lending?
No offense, Reb, but that is a stupid term.
Every single loan comes with a full disclosure of the terms. Anyone feeling they were preyed upon when entering into a lending agreement is a simpleton
This post was edited on 2/5/25 at 2:16 pm
Posted on 2/5/25 at 2:12 pm to stout
quote:
No offense, Rebm, but that is a stupid term.
It is LITERALLY leftist drivel.
quote:
Every single loan comes with a full disclosure of the terms. Anyone feeling they were preyed upon when entering into a lending agreement is a simpleton
Correct.
Posted on 2/5/25 at 2:15 pm 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.
25% and above credit card interest rates contribute to personal bankruptcy filings. If a card holder charges an uninsured medical bill, they will never pay it off even though they will pay back 300% before the bankruptcy filing.
Posted on 2/5/25 at 2:16 pm to SlowFlowPro
quote:
LITERALLY leftist drivel.
Exactly.
This is the dark side of populism. Pretending to help others while hurting them.
Posted on 2/5/25 at 2:16 pm to stout
No offense taken Stout.
But there is such a thing as predatory lending if you allow it.
Do you not remember 2008?
But there is such a thing as predatory lending if you allow it.
Do you not remember 2008?
Posted on 2/5/25 at 2:23 pm to Rebel
quote:
Do you not remember 2008?
People got greedy and took out loans based on assumptions.
The RE industry (From agents to mortgage brokers to banks) and Wall Street got greedy and created financial instruments based on the same faulty assumptions.
Nothing "predatory", just the same ole axiom that pigs get fat and hogs get slaughtered.
Posted on 2/5/25 at 2:28 pm to SlowFlowPro
So lenders weren’t offering loans they knew borrowers were unlikely to repay?
This really isn’t the hill I’m prepared to die on as it doesn’t affect me. But credit cards with 30% interest are no bueno.
This really isn’t the hill I’m prepared to die on as it doesn’t affect me. But credit cards with 30% interest are no bueno.
Posted on 2/5/25 at 2:36 pm to Rebel
quote:
So lenders weren’t offering loans they knew borrowers were unlikely to repay?
They expected repayment, but based in a faulty assumption that the price of the home would go up and permit a refinancing before the rate adjusted, based off the new equity.
Now if the borrowers engaged in fraud, that's on them (again, greed).
quote:
But credit cards with 30% interest are no bueno.
The people who have to pay these rates are no bueno as creditors also.
This is why credit reports are used for all sorts of reasons having nothing to do with loans, like apartment rentals. This is also why Leftists want to ban using credit reports
Posted on 2/5/25 at 2:41 pm to UncleFestersLegs
quote:My POV is, like some of the RFK food targets, they should not be banned. But they should have to prominently display their fees (or health issues in the case of food) in any ads and on location. For payday places that would probably fall under auspices of state law though.
A federally mandated policy is probably a really bad idea though.
Posted on 2/5/25 at 3:33 pm to RogerTheShrubber
quote:
The alternative will be zero credit which gives them fewer options
One thing you might see are cards with a preset spending limit like Amex where the full bill is due. They might start people with toy limits and allow them to build a credit portfolio as they show responsibility and increase that exposure limit, but they will still expect you to pay the balance at the end of the month to avoid charging any interest.
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