Reps. Luna and AOC team up on bipartisan effort to cap interest rates on credit cards at 10%

[task0778]

Yeah, it will be great when that person making $40k a year gets smacked with a $2,000 bill to fix their car and only transportation to work and can't do it because they no longer have access to credit.

"I'm from the government and I'm here to help."

I would assume the credit card companies will then lower the spending cap down to an acceptable level, dependent on your credit rating. I don't see a problem with that.

 

[RhodyPatriot]

I would assume the credit card companies will then lower the spending cap down to an acceptable level, dependent on your credit rating. I don't see a problem with that.

There's no difference between this idea and price controls.

It's bad news, straight outta the commie playbook.

 

[Mashmont]

So you root for the credit card companies?

Yes.

 

[Mac-7]

Yeah, it will be great when that person making $40k a year gets smacked with a $2,000 bill to fix their car and only transportation to work and can't do it because they no longer have access to credit.

"I'm from the government and I'm here to help."

If they have a card its probably already maxed out on things they didnt really need

 

[task0778]

There's no difference between this idea and price controls.

It's bad news, straight outta the commie playbook.

The gov't may or may not cap interest rates, which is sorta like price controls, but if that happens then every credit company has the right to set their standards for credit ceilings and that is not price controls cuz the gov't has no say in it.

IMHO, it is about GD time people started paying attention to their spending and credit rating. And a part of that requires attention to the interest rate you pay for credit. And if you are stupid enough to spend more than you earn then that is totally on you. For sure there are times when emergencies or other usual situations happen and you have to borrow money. But then you should be paying off your debt asap and if you don't then it's your fault if you are paying exorbitant interest on your debt. There are too many irresponsible people running up a huge amount of debt that the rest of us end up paying for in higher credit interest rates. It shouldn't require gov't legislation for us to be fiscally and financially solvent.

 

[The Sage of Main Street]

The effect of capping interest rates will make it a lot harder for people who are higher risks to get issued credit in the first place.

Bimbo Banging the Bongos

AOC is too dumb to realize that.

 

[The Sage of Main Street]

the BSA banned them, but the leftwing forced them to accept gay scoutmasters.

Scouts' Dishonor

Never trust people who claim they were "forced" to do something. It's nothing but collusion with the powerful forces behind the Gayist Mafia.

 

[martybegan]

The effect of capping interest rates will make it a lot harder for people who are higher risks to get issued credit in the first place.

Then this will be solved by a law demanding the companies issue cards regardless of the risk.

 

[Admiral Rockwell Tory]

Like with so many things, prior leftwing interference caused the situation that the leftwing is griping about now.

Recall 0bama put forth the Credit Card Accountability Responsibility and Disclosure Act of 2009 which limted late fees, annual fees, monthly fees, and activation fees. The industry had to make up for those losses somehow so they were forced to raise interest rates.

Other examples:
The left forced the Boy Scouts to allow gay leaders. Then when these gays molested boys, the left screamed "Boy Scout Pedophilia!!" That led to the neutering of the Boy Scouts by forcing them to allow girls. The entire goal from the outset was to eliminate the BSA or at least neuter it.

The left rails against bankrupt SS. Sanders is pushing for another tax increase on the rich to prop up SS. But the left caused the entire problem by upping all the original conditions of SS and then stealing the big pile of money and using it for their pet projects.

Please stop repeating this lie. There is no account somewhere that excess contributions are stored for a future date. This lie has outlived its purpose and only dumbs down people who often repeat it without knowing the truth.

 

[Admiral Rockwell Tory]

Should have been capped a long time ago. Interest rates above 20 percent are predatory.

Also charging a $35 late fee on a payment that is a few days late. You are already charging high interest, why a late fee?

Why are you paying late?

 

[task0778]

The effect of capping interest rates will make it a lot harder for people who are higher risks to get issued credit in the first place.

As it should be. Nobody has a right to get credit. If Congress wants to limit the interest rates on credit cards then the credit card companies have a right to restrict credit card issuance to those with a reasonable credit score.

 

[Crepitus]

Reps. Luna and AOC team up on bipartisan effort to cap interest rates on credit cards

The companion bill in the Senate was filed by Sen. Josh Hawley, R-Mo., and Sen. Bernie Sanders, I-Vt.

justthenews.com

Rep. Anna Paulina Luna, Republican of Florida, and Rep. Alexandria Ocasio-Cortez, Democrat of New York, are teaming up on bipartisan effort to limit interest rates on credit cards.

"For too long, credit card companies have abused working class Americans with absurd interest rates, trapping them in an almost insurmountable amount of debt," Luna wrote on X alongside a photo of herself and Ocasio-Cortez.
"We need a fair solution — and that means getting rid of the status quo and putting a reasonable cap on interest rates."

Luna also wrote on X that "most Americans agree that insane credit card interest rates are PREDATORY and need to stop!"

The companion bill in the Senate was filed by Sen. Josh Hawley, R-Mo., and Sen. Bernie Sanders, I-Vt.

The legislation would cap credit card interest rates at 10%.

Credit card interest rates can be pretty crazy. Hell, they are crazy.

If this goes through the lenders will just stop giving cards to poor people.

A good thing IMHO.

I remember a time in the late 70s when I could not qualify for a CC even though I owned a home and had a good, well-paying job.

Then they started issuing them to anyone with a pulse. What could go wrong?

That would be a serious blow to the issuing companies. I have excellent credit and the lowest rate I got is 17.9%

 

[MarcATL]

Should have been capped a long time ago. Interest rates above 20 percent are predatory.

Also charging a $35 late fee on a payment that is a few days late. You are already charging high interest, why a late fee?

What he said.

 

[Mashmont]

Please stop repeating this lie. There is no account somewhere that excess contributions are stored for a future date. This lie has outlived its purpose and only dumbs down people who often repeat it without knowing the truth.

Only a naive simpleton thinks the government hasn't pilfered from an enormous pile of money. At the very least, they've siphoned off the interest. If one could invest the amount each month taken for SS, one would earn four times the amount paid by the government. So who got that vast difference? The damn government.

https://www.cbpp.org/research/would-private-accounts-provide-a-higher-rate-of-return-than-social-security

 

[Admiral Rockwell Tory]

Only a naive simpleton thinks the government hasn't pilfered from an enormous pile of money. At the very least, they've siphoned off the interest. If one could invest the amount each month taken for SS, one would earn four times the amount paid by the government. So who got that vast difference? The damn government.

https://www.cbpp.org/research/would-private-accounts-provide-a-higher-rate-of-return-than-social-security

Another hysterical rant with no basis in facts! Don't you have some other belief other than Catholicism to persecute?

 

[Mashmont]

Another hysterical rant with no basis in facts! Don't you have some other belief other than Catholicism to persecute?

I know you love big government, but just answer the question: What do you think happens to the difference of what people could earn privately with the money invested in SS, versus the pittance the government gives them? Do you think the tooth fairy steals it?

Let's hear your answer on this.

 

[Toddsterpatriot]

Only a naive simpleton thinks the government hasn't pilfered from an enormous pile of money. At the very least, they've siphoned off the interest. If one could invest the amount each month taken for SS, one would earn four times the amount paid by the government. So who got that vast difference? The damn government.

https://www.cbpp.org/research/would-private-accounts-provide-a-higher-rate-of-return-than-social-security

At the very least, they've siphoned off the interest.

The government pays interest on the bonds in the Trust Fund.

 

[Mashmont]

At the very least, they've siphoned off the interest.

The government pays interest on the bonds in the Trust Fund.

There is no SS Trust Fund.

https://www.cato.org/policy-analysis/social-security-trust-fund-myth

 

[Toddsterpatriot]

There is no SS Trust Fund.

https://www.cato.org/policy-analysis/social-security-trust-fund-myth

Why do you feel that?

 

[Admiral Rockwell Tory]

I know you love big government, but just answer the question: What do you think happens to the difference of what people could earn privately with the money invested in SS, versus the pittance the government gives them? Do you think the tooth fairy steals it?

Let's hear your answer on this.

Social Security is functioned as designed. I now have an income in my retirement that I paid into from the age of 17. I also had two 403B retirement accounts. I am comfortable.

If other people want to invest in other more lucrative retirement accounts, that is their choice. I did and do not regret it.

Anything else is a modern legend.