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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 8:24 am to Jack Daniel
Posted on 2/5/25 at 8:24 am to Jack Daniel
quote:
Get government out of personal finances!
Okay. Eliminate federal bankruptcy protections and let’s see how this all shakes out.
0
Posted on 2/5/25 at 8:25 am to SlowFlowPro
quote:
Why would you EVER want GOVERNMENT making this decision and not private parties making their own?
Remember when the Gov went after Rent-a-Center for preying on black people? It was absurd since the contracts show how much in total you pay and blacks were not the only customers of RAC
Anyone for this is probably also in support of that sham agency Liz Warren created called the Consumer Financial Protection Bureau. Go read why she created it. It's basically DEI bullshite for financially illiterate leeches. It does nothing but make the lending landscape harder for everyone. It actually impedes commerce as will capping credit card rates.
This post was edited on 2/5/25 at 8:26 am
Posted on 2/5/25 at 8:26 am to HailHailtoMichigan!
They should ban sports betting too
I know yall are like it’s a free country but most of the people in this country are idiots not to mention probably 50% of sports betting revenue is funded by welfare checks
I know yall are like it’s a free country but most of the people in this country are idiots not to mention probably 50% of sports betting revenue is funded by welfare checks
Posted on 2/5/25 at 8:26 am to GumboPot
quote:
IDK what the answer is here
Certainly not Mickey
quote:
but Josh and Bernie talking it out, putting ideas out on the public
Government ideas...hell, bureaucratic ideas. frick all that.
Posted on 2/5/25 at 8:27 am to udtiger
quote:
The response to this will be MUCH tighter credit.
Basically, no one gets a card without +700 credit score.
GOOD?
Posted on 2/5/25 at 8:30 am to HailHailtoMichigan!
quote:
If you’re teaming up with Bernie Sanders, it’s a bad idea.
Normally I would agree with this but if Trump supports it and CoC republican cucks like you oppose it then I am willing to think about the idea.
Posted on 2/5/25 at 8:30 am to HailHailtoMichigan!
Do you think usury is wrong (honest question)?
If usury is wrong, are there then times when usury should be prevented?
What is usury? Just high interest rates? Interest rates at all? I’m not sure, but if usury is wrong, then I think it’s reasonable for someone to hold the position it should be prevented—even if it doesn’t lead to the most economically efficient outcome.
If usury is wrong, are there then times when usury should be prevented?
What is usury? Just high interest rates? Interest rates at all? I’m not sure, but if usury is wrong, then I think it’s reasonable for someone to hold the position it should be prevented—even if it doesn’t lead to the most economically efficient outcome.
Posted on 2/5/25 at 8:31 am to stout
quote:
Anyone for this is probably also in support of that sham agency Liz Warren created called the Consumer Financial Protection Bureau.
I think CFPB has been trying this for years. They're the ones who tried to ban payday loans, too.
quote:
It's basically DEI bullshite for financially illiterate leeches.
Correct.
quote:
It does nothing but make the lending landscape harder for everyone. It actually impedes commerce as will capping credit card rates.
Correct.
This was not a controversial argument even 5 years ago
Posted on 2/5/25 at 8:31 am to HailHailtoMichigan!
It’s not nearly as simple as you suggest.
After working on hundreds of bankruptcy cases over the yearsI can tell you that many banks and credit card issuers scam consumers and set up a virtual trick bag that traps vulnerable individuals in an almost inescapable debt cycle…
After working on hundreds of bankruptcy cases over the yearsI can tell you that many banks and credit card issuers scam consumers and set up a virtual trick bag that traps vulnerable individuals in an almost inescapable debt cycle…
Posted on 2/5/25 at 8:31 am to HailHailtoMichigan!
Then no one with a low score will get a card above $100 limt or get a card outright.....
honestly that might be a good thing.....
I remember taking the Dave Ramsey class with my wife after we got married just to cover all bases. there was a couple in there who combined had 3 home depot and 2 lowes cards they used to renovate their kitchen.........
and there wee many more in the room like it.....
honestly that might be a good thing.....
I remember taking the Dave Ramsey class with my wife after we got married just to cover all bases. there was a couple in there who combined had 3 home depot and 2 lowes cards they used to renovate their kitchen.........
and there wee many more in the room like it.....
Posted on 2/5/25 at 8:32 am to BugAC
quote:FWIW, Visa/Mastercard make their money off of transaction fees (~2-3%/ transaction), not from lending or interest. The issuing bank/institution is the interest culprit. AMEX/Discover are a different model, but I doubt they are targets of this discussion.
Credit card companies would make more money with lower interest rates.
Posted on 2/5/25 at 8:32 am to HailHailtoMichigan!
If you limit cards to 10% that’s not enough return to be worth the risk for those with bad credit or low income. Those will be the ones who now can’t get credit cards and have to turn to payday loan type places which fleece them.
More idiocy be people who claim to help but actually hurt.
More idiocy be people who claim to help but actually hurt.
Posted on 2/5/25 at 8:32 am to udtiger
quote:the way it should be
The response to this will be MUCH tighter credit.
Basically, no one gets a card without +700 credit score
Posted on 2/5/25 at 8:33 am to GumboPot
quote:
IDK what the answer is
Yes, you do. We all do. Get the government out of the private sector.
Posted on 2/5/25 at 8:35 am to HailHailtoMichigan!
There needs to be a cap. Credit card companies and banks are a bunch of damn thieves.
Posted on 2/5/25 at 8:35 am to SlowFlowPro
quote:
I think CFPB has been trying this for years. They're the ones who tried to ban payday loans, too.
They also want to make the process of foreclosing on houses and repo cars even more convoluted and complicated. I have posted about it before. If they do what they are trying to do, good luck to anyone without a 750 credit score getting a mortgage or a decent rate on a car. The used car market will die overnight.
If they cap CC rates, then CCs will only be for the top 10%, and everyone else will not have access to cards. Yes, CCs are abused, but what about people who rely on them for emergencies? What about people who use them to fund a start-up (I did that with my first business in college) all of that will be gone.
Posted on 2/5/25 at 8:35 am to Cool McCool
quote:
Credit card companies and banks are a bunch of damn thieves.
You can go your whole life without borrowing money if you really want to. Rent, lease, and live on cash only.
Posted on 2/5/25 at 8:38 am to stout
quote:...and credit card companies and banks will still be a bunch of damn thieves.
You can go your whole life without borrowing money if you really want to. Rent, lease, and live on cash only.
Posted on 2/5/25 at 8:39 am to SoFla Tideroller
quote:What does this mean? Would it extend to government prosecuting fraudsters? Isn’t that the private sector? What about protection of property rights?
Get the government out of the private sector.
Posted on 2/5/25 at 8:41 am to HailHailtoMichigan!
I call this bullshite out on the left, and I’ll call it out on the right, too.
Mindsets like this are how you get more of the Obama’s and Biden’s and less of the Billy Jeff’s and Fetterman’s.
Mindsets like this are how you get more of the Obama’s and Biden’s and less of the Billy Jeff’s and Fetterman’s.
This post was edited on 2/5/25 at 8:42 am
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