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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 10:42 am to fisherscatfan
Posted on 2/5/25 at 10:42 am to fisherscatfan
quote:
Big daddy government gotta save people from their poor decisions.
Yes it does
So you’re ok with DEI?
2
Posted on 2/5/25 at 10:44 am to HailHailtoMichigan!
quote:
If you’re teaming up with Bernie Sanders, it’s a bad idea. There are no exceptions to this.
Ironically will hurt poor people.
Bernie is an idiot.
Posted on 2/5/25 at 10:44 am to HailHailtoMichigan!
If you are teaming up with Bernie Sanders, you are an idiot.
Posted on 2/5/25 at 10:48 am to Tigerstark
quote:.
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.
Then watch the CFPB come in hot screaming discriminatory practices and enact regulations requiring the extension of credit to people who cannot afford it under the threat of severe penalties to the CC companies.
Posted on 2/5/25 at 10:49 am to Draconian Sanctions
quote:
Amazing stuff isn’t it? Almost the way this country is supposed to work!
You realize this hurts poor people correct?
Posted on 2/5/25 at 10:52 am to HailHailtoMichigan!
quote:
Wow, what idiots these credit card companies are.
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!!!
It's really not that crazy of an idea. If you want more profit, lower prices and sell more units. This is a common strategy you see in retail all the time.
The Xbox was originally sold at a loss because Microsoft realized they would make more money selling the games. What dummies they were to lose out on that profit from a single purchase so they could make profit off dozens of purchases instead.
Posted on 2/5/25 at 10:53 am to RogerTheShrubber
quote:I don't think they do realize that, which is sort of amazing.
You realize this hurts poor people correct?
Posted on 2/5/25 at 10:54 am to HailHailtoMichigan!
Sorry not sorry to all of you who have credit cards. But you signed on that line, and agreed to those superinflated rates and exorbitant late charges and penalty fees.
Now I know some of you do it right, and pay zero interest while earning rewards because you're responsible and taking advantage of what you can. But, most people are merely living above their means, making minimum payments and going backwards. I do recognize, however, that shady and disingenuous advertising and sales pitches mislead people into believing they can easily afford credit cards.
I cut up my last credit card in 2005. I save for things I want to purchase, because long ago I learned that I have a propensity towards impulse buying and my card almost got me in trouble. Having to save up and purchase is not only more fiscally responsible, but it also forces me to take a longer period of time to evaluate the potential purchase. Do I really need another AR15? Yes, but I'll save up for it.
Now I know some of you do it right, and pay zero interest while earning rewards because you're responsible and taking advantage of what you can. But, most people are merely living above their means, making minimum payments and going backwards. I do recognize, however, that shady and disingenuous advertising and sales pitches mislead people into believing they can easily afford credit cards.
I cut up my last credit card in 2005. I save for things I want to purchase, because long ago I learned that I have a propensity towards impulse buying and my card almost got me in trouble. Having to save up and purchase is not only more fiscally responsible, but it also forces me to take a longer period of time to evaluate the potential purchase. Do I really need another AR15? Yes, but I'll save up for it.
Posted on 2/5/25 at 10:54 am to HailHailtoMichigan!
I support this the rates are insane and it crushes some very fine people, mates
Posted on 2/5/25 at 10:56 am to Foch
quote:
What exactly are you trying to "conserve" as the heart of a conservative viewpoint? F
Primarily, individual freedom. At the end of the day, it all comes back to that.
quote:
From reading your arguements, the economy and freest exchange of goods is what you prioritize while others in this thread who point out the net effect of sports gambling and usurious lending appear to be interested in a conservative view that applies to family and soul.
Yes, religion rejects individual rights. Nobody is debating that. Trying to turn religious piety into leftist socialism will never be conservative, no matter how much Biblical lipstick you put on that pig. Religion has the same place in economics as it does in every other aspect of life: personal choice and individual liberty. If you choose to live that way, or live around/socialize with people who share your religious/moral beliefs, I believe you should be free to do so entirely.
quote:
You haven't contended with any if the arguements that point out the privatized gains of usury
I haven't "contended" with something that I agree with.
quote:
and socialized effects of credit card or gambling driven debt on society.
Nobody has described any with detail (and I even asked once).
quote:
You also haven't written anything to address the massive undercutting of localism that occurs when ever greater portions of family budgets are spent sending funding out of communities and into the coffers of large financial institutions.
Because I don't care (and this hasn't even been addressed, really).
Who are you to tell someone where their money should go? Or, more specifically, who are you to give unelected bureaucrats the power to tell somewhere where their money should go?
quote:
You are right that the "brand" of conservative is changing and it is changing for the good.
Leftist economics are not good.
But I do congratulate you on admitting you're changing what the words mean (again, another necessary evil of leftism).
quote:
The dismantling of domestic manufacturing in the name of market efficiency (so so good right?)
Very good, in fact. It's a huge net on society and is why we remain the dominant economic and manufacturing force on earth.
quote:
bringing about a reversion towards a conservatism that was inwardly focused
Using government and bureaucrats to enforce your preferences is the literal opposite of being inwardly focused.
quote:
If you don't believe that conservatism should be interested in fostering familial health
Straw man. I never said that.
I'm the one promoting maintaining our standard of living for our children, instead of enslaving them to devolution like you are.
quote:
fully embrace anarchism and its other ills:
quote:
might making right,
The ironing.
Posted on 2/5/25 at 10:56 am to NC_Tigah
There are some states with so-called predatory lending laws and some with none. Not sure where I fall on this. Less government intrusion is usually best but 500% payday loans doesn't seem ideal either. A federally mandated policy is probably a really bad idea though.
Posted on 2/5/25 at 10:57 am to stout
quote:
I thought you guys wanted religious influence out of politics?
Naw, dog.
Posted on 2/5/25 at 10:57 am to whatiknowsofar
quote:
None of this shite would be necessary if you made credit a mandatory class to pass in high school.
While I agree personal finance (along with several other topics) should be a HS requirement, look at the basic requirements such as math and English that are required currently. Look how poorly many people perform in those subjects. Unfortunately this would be no different for those that don’t value education.
Still think it should be taught though because I’m stunned at how many college educated people don’t understand personal finance.
Posted on 2/5/25 at 10:58 am to BCreed1
quote:
I get that, but I just disagree.
Facts don't care about your emotions.
Posted on 2/5/25 at 10:59 am to SirWinston
quote:
I support this the rates are insane and it crushes some very fine people, mates
Its retarded in a pure economic sense.
Laws like these hurt poor people. It eliminates entire options for them.
What you will end up with is a poor peoples bank embedded in the USPS like Bernie wants, if yall keep your progressive ways moving forward.
Posted on 2/5/25 at 10:59 am to RaoulDuke504
quote:
Yes it does
So you’re ok with DEI?
WTF do you think?
Posted on 2/5/25 at 10:59 am to fisherscatfan
quote:
Why do you think these people are using CC versus getting bank loans?
When have people ever gotten bank loans to go shopping at the mall?
I imagine that a lot of people hurt by high rates are those who haven't figured out how to budget for things, along with impulse buyers. How many people go to the mall saying "ok, I'm going to charge $300 max"?
And then sometimes they do budget, thinking they can pay off the balance when they get paid, but then they have a big expense. Maybe they get hit by a $2,000 car repair bill. Who budgets for that?
25% interest rates is just one form of predatory lending. I can remember when the typical rate was 18%. They could cap it at that, and banks would still make money.
Posted on 2/5/25 at 11:00 am to HailHailtoMichigan!
Let Bernie have some air time to hang himself promoting stupid policies or being caught out with conflicts of interest or other improprieties. After all he's a dem and solely cares about his own self interest.
Posted on 2/5/25 at 11:00 am to bluestem75
quote:
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.
You didn't disagree with what I said.
The government didn't create the economic issues. They've been trying to push this off for 15 years now and Covid made that bubble pop. We have never truly felt the negative effects and full recession from the 2009 crash. That was market-based.
quote:
However, it’s a lot easier to do that when prices aren’t outpacing wages at an astronomical rate.
The government needs to get out of the business of preventing prices on some major goods from falling. The market has a way to deal with higher prices on its own.
quote:
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.
They won't have "cash flow" when they're extended no more credit, though.
Posted on 2/5/25 at 11:01 am to HailHailtoMichigan!
LINK
(From 2009 but nothing has changed since then as far as I know)
The widely heralded credit card reform legislation making its way through Congress is a sellout to the credit card companies. Obama has proposed and Congress has passed a series of minor reforms that deal with the fringes of the problem – late billings, retroactive interest rate hikes, misapplication of payments and such – but fail to reform the most basic offense of the companies: their usury.
Congress explicitly rejected any limitation on the interest rate credit card companies can charge. It remains perfectly legal for them to charge rates that would make a loan shark blush.
In our book Fleeced, we explain how, until 1979, credit card interest was subject to usury limits of the various states. But the Supreme Court emasculated these limits by ruling that the state of the lender, not of the borrower, had the sole power to legislate interest rate limits. South Dakota swiftly jumped into the void the Court created, eliminating any usury limits. All the credit card companies moved there and took advantage of the regulatory vacuum to hike up their rates to unconscionable levels.
Competition can do nothing to force down rates since 90% of the credit cards are issued by a handful of companies. And states are paralyzed when it comes to regulating rates.
It is up to Congress to act. Yet the credit card companies’ massive campaign donations succeeded in buying off enough Democrats and virtually all the Republicans to kill any limits on interest rates. So companies can continue to charge basic rates of 18 percent and then up to 30 percent as punishment for minor offenses like being a few days late in making payments. Congress should have legislated a ceiling on regular interest rates limiting them to five points above prime and on punitive rates requiring them to be no more than ten points above prime. But Obama and the Democrats (and, of course, the Republicans) caved into the special interests and left out any interest rate controls.
(From 2009 but nothing has changed since then as far as I know)
The widely heralded credit card reform legislation making its way through Congress is a sellout to the credit card companies. Obama has proposed and Congress has passed a series of minor reforms that deal with the fringes of the problem – late billings, retroactive interest rate hikes, misapplication of payments and such – but fail to reform the most basic offense of the companies: their usury.
Congress explicitly rejected any limitation on the interest rate credit card companies can charge. It remains perfectly legal for them to charge rates that would make a loan shark blush.
In our book Fleeced, we explain how, until 1979, credit card interest was subject to usury limits of the various states. But the Supreme Court emasculated these limits by ruling that the state of the lender, not of the borrower, had the sole power to legislate interest rate limits. South Dakota swiftly jumped into the void the Court created, eliminating any usury limits. All the credit card companies moved there and took advantage of the regulatory vacuum to hike up their rates to unconscionable levels.
Competition can do nothing to force down rates since 90% of the credit cards are issued by a handful of companies. And states are paralyzed when it comes to regulating rates.
It is up to Congress to act. Yet the credit card companies’ massive campaign donations succeeded in buying off enough Democrats and virtually all the Republicans to kill any limits on interest rates. So companies can continue to charge basic rates of 18 percent and then up to 30 percent as punishment for minor offenses like being a few days late in making payments. Congress should have legislated a ceiling on regular interest rates limiting them to five points above prime and on punitive rates requiring them to be no more than ten points above prime. But Obama and the Democrats (and, of course, the Republicans) caved into the special interests and left out any interest rate controls.
This post was edited on 2/5/25 at 11:03 am
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