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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 3:40 pm to HailHailtoMichigan!
Posted on 2/5/25 at 3:40 pm to HailHailtoMichigan!
A blanket 10% is kind of stupid. If doing a cap, it should be linked to something by like the fed funds rate (e.g. Fed funds rate + 10%).
I can also see them doing something similar for rates on cash sweep balances. It’s kind of criminal a bank like Chase can give just 0.01% while rates are much higher.
I can also see them doing something similar for rates on cash sweep balances. It’s kind of criminal a bank like Chase can give just 0.01% while rates are much higher.
0
Posted on 2/5/25 at 7:44 pm to SlowFlowPro
quote:
Why would you EVER want GOVERNMENT making this decision and not private parties making their own?
Did I say government should be doing this? Sorry I missed that part in my own fricking statement.
This post was edited on 2/5/25 at 7:45 pm
Posted on 2/5/25 at 7:50 pm to udtiger
quote:
Basically, no one gets a card without +700 credit score.
So much truth in this.
The DEI in making credit available to those who don’t deserve or can manage finance is an abomination and only leads to disaster for all.
You had to be somebody in 1980 to sport that Bank America Card.
Posted on 2/5/25 at 8:00 pm to stout
quote:
Anyone feeling they were preyed upon when entering into a lending agreement is a simpleton
No, your position is the stupid one. Or maybe you're just a young kid who's never had to spend thousands of dollars on a new transmission, a kid's braces, or any of a number of other big ticket items, and had to use a card and pay it off over several months because you didn't have a fricking choice. Yes, it's fricking predatory.
Posted on 2/5/25 at 8:01 pm to BarberitosDawg
quote:
Basically, no one gets a card without +700 credit score.
So much truth in this.
So you want to take aaaaalllllllll those consumers with 680-700 scores out of the market. Nice.
Posted on 2/5/25 at 8:05 pm to HailHailtoMichigan!
I support this and thanks for making us aware.
It will be worth cleaning up that part of the economy. Credit causes poverty in so many ways.
It will be worth cleaning up that part of the economy. Credit causes poverty in so many ways.
Posted on 2/5/25 at 8:19 pm to udtiger
Good. It's depressing that so many people are living from credit card to credit card. Racking up infinite debt for themselves. It pisses me off seeing people go into horrendous debt just because they want to live beyond their means. They are sinking their families.
I'm a believer in... if credit cards become extremely hard to get, and people are forced to live within their means, then companies, panicked due to their shite not selling anymore, will start lowering prices, making their merch affordable again.
I'm a believer in... if credit cards become extremely hard to get, and people are forced to live within their means, then companies, panicked due to their shite not selling anymore, will start lowering prices, making their merch affordable again.
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