10% Credit Card Rate Cap Starts TODAY—Financial Relief or a Credit Crunch?

[BellaJones]

As of today, the deadline for the 10% credit card interest rate cap has arrived. While the administration calls it a win for families struggling with debt, Wall Street is sounding the alarm.

The Reality Check:

Pros: Could save American households over $100 billion in interest this year. Huge win for those carrying balances.

Cons: Banks warn they can’t price risk at 10%. We could see massive account closures, limit slashes, and the end of rewards programs.

If the banks won't lend at 10%, do millions of Americans lose access to credit entirely? Is this a bold populist move or government overreach that will backfire on the "little guy"?

 

[cnm]

As of today, the deadline for the 10% credit card interest rate cap has arrived. While the administration calls it a win for families struggling with debt, Wall Street is sounding the alarm.

The Reality Check:

Pros: Could save American households over $100 billion in interest this year. Huge win for those carrying balances.

Cons: Banks warn they can’t price risk at 10%. We could see massive account closures, limit slashes, and the end of rewards programs.

If the banks won't lend at 10%, do millions of Americans lose access to credit entirely? Is this a bold populist move or government overreach that will backfire on the "little guy"?

What legislation is that?

 

[TheInfiniteSadness]

What legislation is that?

There is no legislation. Just another one of trump's lies. He doesn't have the authority to do it and there is no law. Everyone ignored it.

 

[BellaJones]

There is no legislation. Just another one of trump's lies. He doesn't have the authority to do it and there is no law. Everyone ignored it.

You're right, there’s no official law passed by Congress yet. But the White House Press Secretary (Karoline Leavitt) explicitly said on Friday that the President has an 'expectation' and a 'demand' for banks to comply by Jan 20. I’m just tracking whether the banks will actually fold under this political pressure or if it’s all just talk.

 

[frigidweirdo]

As of today, the deadline for the 10% credit card interest rate cap has arrived. While the administration calls it a win for families struggling with debt, Wall Street is sounding the alarm.

The Reality Check:

Pros: Could save American households over $100 billion in interest this year. Huge win for those carrying balances.

Cons: Banks warn they can’t price risk at 10%. We could see massive account closures, limit slashes, and the end of rewards programs.

If the banks won't lend at 10%, do millions of Americans lose access to credit entirely? Is this a bold populist move or government overreach that will backfire on the "little guy"?

Trump loves Capitalism. Then decides no, these companies don't get capitalism.

 

[MisterBeale]

 

[luiza]

Financial Relief or a Credit Crunch?​

Just send us our Digital ID card and cut out the BS Theatre .

We Sheeplets cannot wait to feel the pleasure of being completely dominated .

 

[sealybobo]

As of today, the deadline for the 10% credit card interest rate cap has arrived. While the administration calls it a win for families struggling with debt, Wall Street is sounding the alarm.

The Reality Check:

Pros: Could save American households over $100 billion in interest this year. Huge win for those carrying balances.

Cons: Banks warn they can’t price risk at 10%. We could see massive account closures, limit slashes, and the end of rewards programs.

If the banks won't lend at 10%, do millions of Americans lose access to credit entirely? Is this a bold populist move or government overreach that will backfire on the "little guy"?

Very interesting. This is ANOTHER idea Trump is stealing from Democrats. Is this really going to happen? **** the "concerns" or warnings. They are fear mongering. **** them! 10% is the MOST you can charge someone interest. Sorry bitches! I love it.

God damn every day Trump is working hard to win people over. It's working!

 

[martybegan]

You're right, there’s no official law passed by Congress yet. But the White House Press Secretary (Karoline Leavitt) explicitly said on Friday that the President has an 'expectation' and a 'demand' for banks to comply by Jan 20. I’m just tracking whether the banks will actually fold under this political pressure or if it’s all just talk.

And if he gets them to drop their rates even 2% to 5% people will save money.

 

[sealybobo]

As of today, the deadline for the 10% credit card interest rate cap has arrived. While the administration calls it a win for families struggling with debt, Wall Street is sounding the alarm.

The Reality Check:

Pros: Could save American households over $100 billion in interest this year. Huge win for those carrying balances.

Cons: Banks warn they can’t price risk at 10%. We could see massive account closures, limit slashes, and the end of rewards programs.

If the banks won't lend at 10%, do millions of Americans lose access to credit entirely? Is this a bold populist move or government overreach that will backfire on the "little guy"?

 

[TheInfiniteSadness]

You're right, there’s no official law passed by Congress yet. But the White House Press Secretary (Karoline Leavitt) explicitly said on Friday that the President has an 'expectation' and a 'demand' for banks to comply by Jan 20. I’m just tracking whether the banks will actually fold under this political pressure or if it’s all just talk.

That's why I waited to reply. It's been four days now and no financial institution has implemented it. Just another one of his fantasy's he feeds his maga. I'm sure Tuesday things will be the same.