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Started By
Message
re: Gross: Hawley teaming up with Bernie sanders to put a cap on credit card interest rates
Posted on 2/5/25 at 7:43 am to BugAC
Posted on 2/5/25 at 7:43 am to BugAC
quote:
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.
If this were true, credit card and payday loan companies would just drop their rates to compete with these banks or increase their earning potential on their own. These lenders are operating in a different market than that of bank loans.
0
Posted on 2/5/25 at 7:44 am to HailHailtoMichigan!
quote:
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!!!
First one is free, every subsequent one will be charged a 25% fee.
Posted on 2/5/25 at 7:44 am to Crow Pie
quote:
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.
Poor people don't pay taxes and USAID is a very, very small portion of total taxation.
Posted on 2/5/25 at 7:45 am to HailHailtoMichigan!
I’d like to see the proposal before bemoaning their partnership.. the government has a say when they are the mechanism used to push liquidity into the system. The government reaps a benefit and has a responsibility to ensure the game isn’t going to implode
Some of these interests rates are killers and many of the governments actions have caused the economic pressure increasing usage rates
Some of these interests rates are killers and many of the governments actions have caused the economic pressure increasing usage rates
Posted on 2/5/25 at 7:46 am to TROLA
quote:
and many of the governments actions have caused the economic pressure increasing usage rates
wut?
American consumerism caused the increased usage.
#Livewithinyourmeans
Posted on 2/5/25 at 7:47 am to HailHailtoMichigan!
I feel the same about this as I do the government forgiving student loans. They’ve got no business coming in capping stuff off and bailing out grown arse people who agreed to terms and conditions that were clearly presented to both parties.
Posted on 2/5/25 at 7:47 am to SlowFlowPro
quote:
American consumerism caused the increased usag
Which is directly related to increased credit card usage and opening up credit markets to a wider customer base
Posted on 2/5/25 at 7:49 am to HailHailtoMichigan!
quote:
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.
Maybe people with bad credit shouldn't be extended more credit. ca
Posted on 2/5/25 at 7:50 am to TROLA
quote:
Which is directly related to increased credit card usage and opening up credit markets to a wider customer base
And what do these individual decisions have to do with government?
Mass quantities of Americans buy too much stuff and want to live beyond their means. Trying to create a nanny state to punish the good decision makers is leftist bullshite.
Posted on 2/5/25 at 7:50 am to TheBeezer
quote:
Maybe people with bad credit shouldn't be extended more credit
Why would you EVER want GOVERNMENT making this decision and not private parties making their own?
Posted on 2/5/25 at 7:51 am to Samso
The banks make more money off c d e paper, and this is considering write offs lol.
A is your security and the driver of your lower end paper grades.
A is your security and the driver of your lower end paper grades.
This post was edited on 2/5/25 at 7:53 am
Posted on 2/5/25 at 7:53 am to KiwiHead
quote:
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.
Just make risky borrowers put up a security deposit 3/4 of the credit line.
If they can’t afford it, you lend them the money and as they pay it down, the available credit gets larger.
That way the bank has a reserve or hedge if they go bad on the account.
I always had an idea for these shady credit places to offer more of a savings account type offer. You give them money in advance that grows at a modest interest rate and you borrow it back at a reasonable rate. If you are done paying them, you continue to pay them building up a cash reserve to borrow more the next time. Almost like a bank, but with better interest.
This post was edited on 2/5/25 at 10:34 am
Posted on 2/5/25 at 7:55 am to SlowFlowPro
quote:
And what do these individual decisions have to do with government?
You could start with the truth and lending act. The government has essentially set the game and therefore has a say
They put the seal of the us behind the credit card market and we’ve seen the benefits.
Im simply stating that the government has a place in the industry
Posted on 2/5/25 at 7:57 am to SquatchDawg
Higher interest rates and giving credit to people who are bad with credit leads to more people defaulting on their credit.
There is probably a balance to strike there. I don’t think the answer is to say, oh no! People with bad credit won’t be able to get a high interest rate credit card they will never pay off.
There is probably a balance to strike there. I don’t think the answer is to say, oh no! People with bad credit won’t be able to get a high interest rate credit card they will never pay off.
Posted on 2/5/25 at 8:00 am to SlowFlowPro
quote:So you approve of government waste at the expense of those most in need. Got it.
Poor people don't pay taxes and USAID is a very, very small portion of total taxation.
Posted on 2/5/25 at 8:00 am to dgnx6
quote:
Higher interest rates and giving credit to people who are bad with credit leads to more people defaulting on their credit.
This analysis and those calculations have already been baked into the credit card companies' decision making
We don't need politicians and unelected bureaucrats trying to interject their own ignorant anslyses
Posted on 2/5/25 at 8:02 am to Crow Pie
quote:
So you approve of government waste at the expense of those most in need.
Nice straw man. I never said that.
I disapprove of his shitty point
quote:
Got it.
...as well as your intellectual dishonesty
Posted on 2/5/25 at 8:03 am to SlowFlowPro
quote:
just like @realDonaldTrump proposed
Dangit, we should have voted for Kamala!
Posted on 2/5/25 at 8:03 am to udtiger
quote:
The response to this will be MUCH tighter credit. Basically, no one gets a card without +700 credit score.
Yeah. Not sure I like this move from Hawley.
Some of this is in response to the credit cards’ monopoly-like existence. He highlighted those concerns with some recent questioning of the credit card companies.
Posted on 2/5/25 at 8:04 am to wheelr
quote:
Dangit, we should have voted for Kamala!
Who said that?
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