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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 11:44 am to BCreed1
Posted on 2/5/25 at 11:44 am to BCreed1
quote:
No, that's not really clear at all.
If it wasn't clear, these banks would have gone out of business and stopped lending the money a long time ago.
quote:
If your premise is they are high risk and "we know they will default"
I never said every one will default. That's your logical leap that keeps being explained to you.
Just look at the literal words of mine you quoted
quote:
Some of them do.
Clearly not all of them.
quote:
then you are stupid for issuing the credit card to begin with.
It's a risk:reward assessment, like most decisions in life.
Their risk is higher, so the interest rate is higher. That means they have to eat some, but that's literally built into the cost of doing business and why the rates are high for that population cohort.
Again, this isn't rocket appliances.
0
Posted on 2/5/25 at 11:45 am to BCreed1
quote:
Correct.
So if there is a cap, those people are not getting a CC
That's just an opinion.
-BCreed1, 5 minutes ago
Posted on 2/5/25 at 11:46 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 don’t think we need to go down to 9%, but 18% is a decent enough number along with fee reforms that prohibit high annual or monthly fees.
Not sure how this can equate with the high as frick Amex Black annual fees, maybe they can change the term from an annual fee to a concierge fee or subscription.
Posted on 2/5/25 at 11:47 am to Tarps99
quote:
Not sure how this can equate with the high as frick Amex Black annual fees, maybe they can change the term from an annual fee to a concierge fee or subscription.
Won't apply to fees.
In fact, this would likely increase fees for the good users and there would be fewer $0 fee options (so they recoup their losses)
Posted on 2/5/25 at 11:51 am to stout
quote:
I thought you guys wanted religious influence out of politics?
Noting that disparate cultures across the ages have all found forever debt and debt entrapment to be corrosive to society is hardly an attempt at implementing religion.
Still, by your comment you reveal a contempt for religion as the governing authority for your approach to politics, economics, or anything else you participate in as a person.
This ability to "silo" off portions of our concsience is a sad devolution common across the west (thanks "enlightenment").
Posted on 2/5/25 at 11:51 am to udtiger
quote:
The response to this will be MUCH tighter credit. Basically, no one gets a card without +700 credit score.
You say this like it’s a bad thing.
We should be enacting public policy that encourages saving, not lending.
Posted on 2/5/25 at 11:52 am to Wednesday
quote:
should be enacting public policy that encourages saving, not lending.
The economy needs you spending, not saving.
Posted on 2/5/25 at 11:53 am to HailHailtoMichigan!
They will likely respond by lowering credit limits which, honestly, this country needs. The concept of lending people money just to buy stupid shite they don’t need should die.
Posted on 2/5/25 at 11:55 am to SlowFlowPro
quote:
Oh so your argument is based off completely loose/terrible associations you're using to claim this is actually less government. Got it.
You claim this to be "more government" without differentiating which gov actions are more corrosive to society than others.
I see limiting usury as being preferred because the net effect of increasing the debtor caste is the growth of social welfare, decreased local economic activity, and a desensitization of large swaths of society to being permanently in debt.
Posted on 2/5/25 at 11:56 am to SlowFlowPro
quote:
Won't apply to fees. In fact, this would likely increase fees for the good users and there would be fewer $0 fee options (so they recoup their losses)
Both the fees and interest hurt the consumer equally.
Either you carry a balance and get charged 10 dollars a month in interest if you have a small balance or 100 dollars a year just to have a Disney credit card with Goofy on it and earn points to a Disney vacation at 50 dollars a year depending on usage.
That is why fees should be included in the equation or banks are going to go around and make more money on fees.
This post was edited on 2/5/25 at 11:58 am
Posted on 2/5/25 at 12:06 pm to SlowFlowPro
quote:
Nobody said freedom didn't have costs.
Freedom breeds inequality. Thta's baked into the point of celebrating it.
Noone is talking about enforcing or fostering equality. You made that logical leap. You also are suddenly making this about "freedom". Noone has advocated for eliminating a bank from providing credit products or charging payment processing fees.
Ensuring that banks can't charge interest rates to 25, 33, or 40 percent is in the public interest when the known effects of permanent or near-permanent debt result in greater social welfare spending and decreased economic participation in local communities.
Posted on 2/5/25 at 12:07 pm to Foch
quote:
You claim this to be "more government" without differentiating which gov actions are more corrosive to society than others.
You're creating an association without any evidence or logic
Posted on 2/5/25 at 12:09 pm to Tarps99
quote:
Both the fees and interest hurt the consumer equally.
Theoretically, but this is leftist economics. They only care about certain populations (who likely don't have many cards with annual fees to begin with).
Posted on 2/5/25 at 12:10 pm to udtiger
granting credit only to people who pay their bills. What a concept.
Posted on 2/5/25 at 12:11 pm to Foch
quote:
Noone is talking about enforcing or fostering equality.
I said the quote, and it's not my quote, but equity better.
You're promoting creating government policy to create equity.
quote:
You also are suddenly making this about "freedom".
Yes. Not only is capitalism freedom, but we're talking about the opposite of government authority, which is freedom. Either way it fits.
quote:Limiting what they can offer is specifically limiting their freedom.
Noone has advocated for eliminating a bank from providing credit products or charging payment processing fees.
Posted on 2/5/25 at 12:15 pm to HailHailtoMichigan!
Bernie will be one of the first to complain when higher risk people are denied credit cards. However, now that Credit Card Joe no longer has a political life, you may see some of the card companies brought to heel. Biden was the hand-picked errand boy for the Delaware-based credit card companies.
Posted on 2/5/25 at 12:41 pm to Wednesday
quote:
You say this like it’s a bad thing.
As I said earlier, I am not commenting on any merit (or lack thereof) to such an outcome, but only the outcome.
Posted on 2/5/25 at 1:36 pm to SlowFlowPro
quote:quote:
I despise price controls but maybe the financial illiterate among us having less access to credit isn't the worst thing?
My son just turned 18 last year and has over a 750 credit score. Zero issue getting a credit card.
The younger 2 are setup to have the same when they turn 18. I think you failed as a parent if your kids are aren't in the same situation.
Posted on 2/5/25 at 1:41 pm to Foch
quote:
Ensuring that banks can't charge interest rates to 25, 33, or 40 percent is in the public interest when the known effects of permanent or near-permanent debt result in greater social welfare spending and decreased economic participation in local communities.
The alternative will be zero credit which gives them fewer options
A high interest credit card payment in lieu of getting your electricity shut off is a viable option to many. Y'all want to take that away based on some social justice more....
Posted on 2/5/25 at 1:43 pm to Tchefuncte Tiger
quote:
Bernie will be one of the first to complain when higher risk people are denied credit cards
Exactly, because Bernie wants the govt in that biz as loaner to the poor
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