Aldeer.com Forums Alabama Deer Talk Aldeer General Forum Trump Capping Credit Card rate 10%

I think it’s been tried before.

Who cares . Slave to the lender .

Folks that are actually smart are saying the same thing this morning.
They say this is a pressure move by Trump to get banks to reduce rates or to get congress to act. They know that congress wont act unless its in favor of the banks but its easy for Trump to call out congress folk who side with the banks so legislation might really get passed, though its still unlikely.
So they are betting that banks will reduce rates on their own to keep the peace. They also know banks are not going to cancel millions of CC's that the public is depending on for daily survival. Either way Trump wins.

Most folks, me included, like anti-usury laws. But the argument is always, at what point does high interest become usury? To me 10% is not usury but when it starts pushing over %15 it starts getting there. Heck, sales tax at %10 feels bad enough.

Thats a novel idea

All that will accomplish is less access to credit for the lower income segment of the population. The credit card companies are not going to reduce their earnings per share. They will simply take less risk, resulting in fewer write offs and keep plugging along, business as usual.

Correct. Trump aint going to let that happen because over %50 of the population is in that lower income segment.

I honestly think Trump is playing chess and most others are playing checkers. If any of you read or listened to Larry Burkett when we got away from the disciplined envelope budget the world went to pot. I worked for Norandal Aluminum when they got popular in the 90's. I remember a friend got one and in the paperwork it said I agree to be bound. It wasn't long till his wife thought it was a get out of jail free shopping card. When she hit the limit he found out and was tore up I asked him what did you expect? We got locked out for 5 months in the fall of 1999. Now here is the problem the younger guys that had one maxed it out and came back to work in more debt. People use them for the emergency fund that they should have. If there was a law made it should be that a person needed 3 months of emergency money before they could get one. Rich people don't lose any sleep by charging 25 to 30 % interest. During the financial crisis of 2008 one of the CEOs I think it was Citigroup said " The object of lending money is to people who can pay it back"

Say goodbye to my 2% cashback. 90% of my monthly purchases are paid with a CC.

Novel concept ain't it....not issuing credit to those with poor credit. 🤣
People are thinking having good credit and access to credit cards is a right, as if they are entitled now.
I swear, the world is going mad.
Idots to the left of me.
Morans to the right.
Guess I'm stuck in the middle with you goobers

😁

This is awesome news, capping card rates at 10% and no prosecutions for daycare fraud.

Merica ! 😂🤣😂🤣😂🤣

Yup, to high risk folks this would feel like free money. Free money means buy more stuff (and further exasperate your problem).

Maybe we should cap balances carried forward by people that have no assets to collateralize it?

I agree in principal, but...

Wouldn't you have to cap the total debt someone could have? Otherwise they would just go get a different card.

New Government CC will come out. They are in every other business, why not?

The CC abusers all go get a different card when one of their other cards limit out anyway. They brag about doing it online. I'm for a 10% cap anti-usury law, at the same time I am against CC companies handing out cards to every chump and sucker that comes along.

CC company can do what ever it wants. They were called loan sharks many years ago. Banks do the same thing really.
All this posturing is to pressure the fed to lower rates. Trump knows that too and it’s working. Get gas and diesel down to a buck and we in business again. It’s all a game. I would like to kick Biden and everyone who was with him in the ass for letting fuel get as high as it did.

Yeah. I think that's a pretty reasonable view.

I think there are a lot of people that borrow money with no intention of ever paying it back.

Nothing new, except it has to be done a the federal level only because previously the feds barred states from doing it. Some had before; no problem. It's interesting to see people take positions on this with clear pro- anti- bias having nothing to do with actual practice.

The real question is how high of an interest rate would you have to pay to get access to the Epstein files?

^^^^ Sums it up well.

Just work on gas prices ,drug companies,and utility companies. Then get the ones that jacked prices up because of gas prices but havent decreased them since its gone down