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Started By
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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 9:10 am to GumboPot
Posted on 2/5/25 at 9:10 am to GumboPot
quote:Lending institutions are in competition.
IDK what the answer is here but Josh and Bernie talking it out, putting ideas out on the public sphere and debating the ideas is healthy, IMO.
Market competition drives prices.
Banks attempting to profiteer above and beyond norms of risk assessment will naturally lose business.
The best thing Hawley and Sanders could do is push for financial literacy and education.
0
Posted on 2/5/25 at 9:12 am to Gee Grenouille
quote:
I don't think we realize what made good legislation pass for two damn centuries. Debate, working together, and politicians that weren't bought by banks and every other business sector.
Amazing stuff isn’t it? Almost the way this country is supposed to work!
Posted on 2/5/25 at 9:14 am to udtiger
quote:
Basically, no one gets a card without +700 credit score.
Is this a bad thing?
Personally I think it's good, keep people honest and living within their means.
Posted on 2/5/25 at 9:15 am to Foch
quote:
and is considered a grave evil by every major religion.
I thought you guys wanted religious influence out of politics?
quote:
Other examples of "socialism" by your loose definition: limits on vice in the marketplace, limits on monopolies, workplace safety, and consumer protections/manufacturing transparency
None of those are even in the same ballpark as capping interest rates.
But in regards to your example of manufacturing transparency, have you ever read the T&C of any lending contract? The transparency of one is pretty clear so stop acting like CC companies are hoodwinking people.
BTW, I am pretty indifferent about monopolies depending on the industry.
Posted on 2/5/25 at 9:16 am to thegreatboudini
quote:Is it necessary?
Is this a bad thing?
Posted on 2/5/25 at 9:17 am to HailHailtoMichigan!
quote:
If you do, they will simply stop extending credit.
No they won't. It's likely to expand. They will want the income from what interests they get.
quote:
Unsecured credit card debt is risky. That’s why rates are high.
Truly makes no sense. If it's that risky, then they are never going to make a dime off interest because the person charging on the card is simply not going to pay.
Posted on 2/5/25 at 9:22 am to udtiger
quote:
The response to this will be MUCH tighter credit. Basically, no one gets a card without +700 credit score.
Yall want reduced prices? This is how you do it!!
Posted on 2/5/25 at 9:24 am to BCreed1
quote:There is some specificity to the post you're responding to. For example the risk variance associated with secured vs unsecured credit.
Unsecured credit card debt is risky. That’s why rates are high.
---
Truly makes no sense. If it's that risky, then they are never going to make a dime off interest because the person charging on the card is simply not going to pay.
Posted on 2/5/25 at 9:26 am to SlowFlowPro
quote:
SlowFlowPro
Apparently you and several others seem to believe you offer some intelligent and tangential approach to the “group-think” that is integral to this board.
I’ll have to keep a close eye on your posts…I would love to debate you right off of this board into a huddled mess.
I am not impressed at all
Posted on 2/5/25 at 9:39 am to NC_Tigah
quote:
quote:
Unsecured credit card debt is risky. That’s why rates are high.
---
Truly makes no sense. If it's that risky, then they are never going to make a dime off interest because the person charging on the card is simply not going to pay.
There is some specificity to the post you're responding to. For example the risk variance associated with secured vs unsecured credit.
I get that, but I just disagree.
Posted on 2/5/25 at 9:52 am to SlowFlowPro
quote:
American consumerism caused the increased usage.
Normally I’d say yes, but people being out of work for over a year and runaway inflation has a lot to do with the current credit card usage increase.
quote:
#Livewithinyourmeans
100%
However, it’s a lot easier to do that when prices aren’t outpacing wages at an astronomical rate.
This is a temporary measure to help people get back to that. To live within your means, you have to have cash flow. Most Americans are caught in a debt loop right now and they can’t get out of that.
Posted on 2/5/25 at 9:57 am to HailHailtoMichigan!
Look at all these posters who hate on insurance and pharma profits defending credit card companies who have 50% profit margins 
Visa and Mastercard also have a huge monopoly and use their power to rail against any type of competition
Visa and Mastercard also have a huge monopoly and use their power to rail against any type of competition
Posted on 2/5/25 at 10:15 am to SquatchDawg
quote:
So you understand better the statistics and internal metrics of international CC companies with decades of data and teams of actuaries and math nerds to determine specifically what they need to charge in interest to cover defaults and their overall lending operations?
I do, don't extend credit to low credit score individuals that tend to default.
Unless you insure the credit line and develop an industry that purchases bad credit decisions.
Posted on 2/5/25 at 10:20 am to DCtiger1
“Less people will get credit cards”
“This will hurt young people who want credit cards”
“People with credit scores under 700 will not have access”
“This will limit debt and buying”
Are these supposed to be counter arguments?
“This will hurt young people who want credit cards”
“People with credit scores under 700 will not have access”
“This will limit debt and buying”
Are these supposed to be counter arguments?
Posted on 2/5/25 at 10:20 am to SlowFlowPro
quote:
Only if you pretend that they won't get credit eventually through other means.
Maybe we should also pretend that all those other ways to get yourself into massive debt are as easy and common as credit card debt.
Posted on 2/5/25 at 10:25 am to HailHailtoMichigan!
I never pay credit card interest. I don't even know what my interest rates are. I pay them off each month in full. People that live off of credit cards are stupid, stupid, stupid.
Posted on 2/5/25 at 10:27 am to HailHailtoMichigan!
quote:
Gross: Hawley teaming up with Bernie sanders to put a cap on credit card interest rates
So...guess they are cool with freezing out a lot of people from the credit market while forcing the rest of us to pay significant fees.
Wonder what sort of impact would that have on consumer spending?
Posted on 2/5/25 at 10:36 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.
Why do you think these people are using CC versus getting bank loans? They are a different risk profile generally speaking that won’t qualify for a loan at a bank. Not to mention you cannot walk into a bank and get an unsecured loan for groceries or an IPhone etc.
Posted on 2/5/25 at 10:37 am to HailHailtoMichigan!
"What about profits?" - Elizabeth Warren
Posted on 2/5/25 at 10:38 am to Who_Dat_Tiger
quote:
Bernie going to crush the poors
Big daddy government gotta save people from their poor decisions.
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