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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 11:01 am to RogerTheShrubber
Posted on 2/5/25 at 11:01 am to RogerTheShrubber
quote:
Its retarded in a pure economic sense.
Laws like these hurt poor people. It eliminates entire options for them.
I'm old enough to remember when the typical rate for credit cards was 18%. Banks made money, and poor people had credit cards.
2
Posted on 2/5/25 at 11:01 am to AUTiger1978
quote:
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.
Never been to the ghetto, I take it. Payday loan and title loan places are on every block.
Posted on 2/5/25 at 11:03 am to AUTiger1978
Hair and nail salons about to take a hit.
Banks will severely limit access to CC's. Next will be cries of racism.
Banks will severely limit access to CC's. Next will be cries of racism.
Posted on 2/5/25 at 11:04 am to RaoulDuke504
quote:
Yes it does
So you’re ok with DEI?
Government-imposed or based in private decision-making?
Posted on 2/5/25 at 11:04 am to fisherscatfan
quote:
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 11:06 am to BamaGradinTn
quote:
I'm old enough to remember when the typical rate for credit cards was 18%. Banks made money, and poor people had credit cards.
I think most modern people forget when "America was great" interest rates were higher, and payday loan and pawn shops were everywhere and liquor stores outnumbered restaurants.
This post was edited on 2/5/25 at 11:07 am
Posted on 2/5/25 at 11:21 am to fisherscatfan
quote:
Big daddy government gotta save people from their poor decisions
Or big daddy gov is going to bail people out from their bad decisions via social welfare programs anyway.
Those programs are financed by current taxpayers (and future generations) who likely aren't fueling credit card company bottom lines via runaway interest.
You call it a "nanny state" activity, but don't account for how corrosive the effects of a debt caste are on society and local/community economies.
Posted on 2/5/25 at 11:22 am to SlowFlowPro
quote:
quote:
I get that, but I just disagree.
Facts don't care about your emotions.
Nothing emotional about it.
- If high risk people are going to cost you money, then you are stupid for issuing them credit.
- If your whole premise is that higher rates negates it, then you have lost your argument for it. You are admitting that it's not an issue because people are paying.
- If your premise is that high interest rates recoups a portion of your losses, see the first bullet point.
Posted on 2/5/25 at 11:23 am to Foch
quote:
Or big daddy gov is going to bail people out from their bad decisions via social welfare programs anyway.
Those programs are financed by current taxpayers (and future generations) who likely aren't fueling credit card company bottom lines via runaway interest.
Oh so your argument is based off completely loose/terrible associations you're using to claim this is actually less government. Got it.
quote:
You call it a "nanny state" activity, but don't account for how corrosive the effects of a debt caste are on society and local/community economies.
Nobody said freedom didn't have costs.
Freedom breeds inequality. Thta's baked into the point of celebrating it.
Posted on 2/5/25 at 11:24 am to BCreed1
quote:
- If high risk people are going to cost you money, then you are stupid for issuing them credit.
With high enough interest, nah.
Youre just wanting more welfare or Bernies "Post Office Banks"
This post was edited on 2/5/25 at 11:25 am
Posted on 2/5/25 at 11:26 am to BCreed1
quote:
- If high risk people are going to cost you money, then you are stupid for issuing them credit.
Many more make them money than cost them money, or else the business would have ended decades ago. There's a reason why it's expanded in that time.
quote:
If your whole premise is that higher rates negates it, then you have lost your argument for it. You are admitting that it's not an issue because people are paying.
This is a poorly constructed argument.
The higher rates takes into account the higher likelihood of default. That's how markets work.
Lowering the rate to something silly like 10% will just remove this avenue of credit for the vast majority of people, and make credit more expensive for the responsible people who use it. This is all also ignoring the larger economic effects of losing this consumer spending.
quote:
If your premise is that high interest rates recoups a portion of your losses, see the first bullet point.
It's almost as if the concept of proper population samples is alien to you.
Posted on 2/5/25 at 11:31 am to RogerTheShrubber
quote:
quote:
- If high risk people are going to cost you money, then you are stupid for issuing them credit.
With high enough interest, nah.
No no. If high risk people cost you money... then they cost you money. Rates are what they are now. And the whole premise is they cost the companies money.
Posted on 2/5/25 at 11:33 am to BCreed1
quote:
If high risk people cost you money... then they cost you money.
Some of them do.
Clearly not all of them.
quote:
And the whole premise is they cost the companies money.
In the aggregate, they do not, as they are clearly quite profitable for the companies overall.
Posted on 2/5/25 at 11:33 am to BCreed1
quote:
No no. If high risk people cost you money... then they cost you money
You dont have enough of an understanding of the issue to try to have a discussion with.
Posted on 2/5/25 at 11:36 am to udtiger
quote:
Basically, no one gets a card without +700 credit score.
If it were already like that then there wouldn't be so much consumer debt and people would actually be living within their means, seems like a win-win to me.
Posted on 2/5/25 at 11:37 am to SlowFlowPro
quote:
Many more make them money than cost them money, or else the business would have ended decades ago. There's a reason why it's expanded in that time.
BS.
quote:
quote:
If your whole premise is that higher rates negates it, then you have lost your argument for it. You are admitting that it's not an issue because people are paying.
This is a poorly constructed argument.
The higher rates takes into account the higher likelihood of default. That's how markets work.
No. Either those high risk people are paying or not. If they are, then the whole premise of high risk is negated because they are paying.
quote:
Lowering the rate to something silly like 10% will just remove this avenue of credit for the vast majority of people, and make credit more expensive for the responsible people who use it. This is all also ignoring the larger economic effects of losing this consumer spending.
That's just an opinion.
Posted on 2/5/25 at 11:38 am to BCreed1
quote:
BS.
It's the literal truth.
quote:
Either those high risk people are paying or not.
Again, most do. Some don't.
This isn't rocket appliances.
quote:
That's just an opinion.
No it's a prediction, and one that will happen (as we've seen this before).
Posted on 2/5/25 at 11:41 am to SlowFlowPro
quote:
quote:
If high risk people cost you money... then they cost you money.
Some of them do.
Clearly not all of them.
No, that's not really clear at all. Last time. If your premise is they are high risk and "we know they will default" then you are stupid for issuing the credit card to begin with.
I really don't care one way or the other. Doesn't apply to me.
Posted on 2/5/25 at 11:42 am to mtb010
quote:
If it were already like that then there wouldn't be so much consumer debt and people would actually be living within their means, seems like a win-win to me.
Correct.
So if there is a cap, those people are not getting a CC
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