Trump proposes cap on credit card interest at 10% (for a year)

[shockedcanadian]

Im not sure how I think about this. It is clear that the average citizen needs a break but generally rates for good borrowers are offset by higher rates for higher risk borrowers. Coupled with potential tariff checks to citizens, he could secure the mid terms. He is certainly being creative

 

[Greenbeard]

Im not sure how I think about this.

Well, it's not actually happening, so I wouldn't waste too much time thinking about it.

 

[Stryder50]

20% to 30% is "criminal theft" IMO.

10% cap doesn't seem too far out of line for the lenders, but I'd think 15 % might have been a more reasonable compromise start, as top most percentage. With lenders encouraged to have staggered rates from @ 8% upward to the 15%. Lower interest rates being the incentive/reward to those who pay their credit card balances(or minimums) early and/or in full.

Bear in mind that often it is the savers money used to loan to borrowers, including those using credit cards and the savers need to have a reasonable rate of interest on their investment/savings they have lent to the banks to pass out to others.

 

[Admiral Rockwell Tory]

Im not sure how I think about this. It is clear that the average citizen needs a break but generally rates for good borrowers are offset by higher rates for higher risk borrowers. Coupled with potential tariff checks to citizens, he could secure the mid terms. He is certainly being creative

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I am curious as to how he thinks he can make this happen. I think it is a great idea as I believe most credit card companies are milking everyone they can. My wife just got a credit card offer with an intro rate of 20% whereas I have the same card at 14% from about 10 years ago and I never keep a balance, so they get nothing from me.

 

[candycorn]

Yet another "look what I'm doing" move where nothing is being done.

 

[leftwinger]

I am curious as to how he thinks he can make this happen. I think it is a great idea as I believe most credit card companies are milking everyone they can. My wife just got a credit card offer with an intro rate of 20% whereas I have the same card at 14% from about 10 years ago and I never keep a balance, so they get nothing from me.

I thought that too as I pay balance (If any) off every month.
I once heard they get a few percent per transaction.

 

[Crepitus]

Im not sure how I think about this. It is clear that the average citizen needs a break but generally rates for good borrowers are offset by higher rates for higher risk borrowers. Coupled with potential tariff checks to citizens, he could secure the mid terms. He is certainly being creative

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He has no power to do that.

 

[Concerned American]

Im not sure how I think about this. It is clear that the average citizen needs a break but generally rates for good borrowers are offset by higher rates for higher risk borrowers. Coupled with potential tariff checks to citizens, he could secure the mid terms. He is certainly being creative

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LOL, like Greenland and Canadian statehood this ought to keep the democrats running around with their tin hats for awhile.

 

[leftwinger]

Yet another "look what I'm doing" move where nothing is being done.

At least he tries to help. Mortgage rates, credit cards etc. What didd your worthless corpse and muslim do for 12 years? Rob the treasury?

 

[Crepitus]

I am curious as to how he thinks he can make this happen. I think it is a great idea as I believe most credit card companies are milking everyone they can. My wife just got a credit card offer with an intro rate of 20% whereas I have the same card at 14% from about 10 years ago and I never keep a balance, so they get nothing from me.

This^

 

[Crepitus]

At least he tries to help. Mortgage rates, credit cards etc. What didd your worthless corpse and muslim do for 12 years? Rob the treasury?

Mortgage rates have barely budged, and he doesn't have the authority to change credit card rates. I don't know anything about corpses or muslims though.

 

[Crepitus]

I thought that too as I pay balance (If any) off every month.
I once heard they get a few percent per transaction.

From the merchants.

And any annual fees you pay.

 

[shockedcanadian]

He has no power to do that.

That is what I initially.thought. At worst, the conversarion is in.the public and it could force a.vote in your congress. Certainly anything above 15% is harsh, even for irresponsible borrowers. I see some cards at 28% etc.

 

[IDIOCRACY]

Im not sure how I think about this. It is clear that the average citizen needs a break but generally rates for good borrowers are offset by higher rates for higher risk borrowers. Coupled with potential tariff checks to citizens, he could secure the mid terms. He is certainly being creative

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Interesting. Not sure I'd touch that with a 10 ft. pole. In Trump's head cap interest rate = more consumer $ = GDP.

We got Monty Hall for POTUS, and he has 10 lb. balls.

 

[leftwinger]

President Trump is the idea man. The Shell answer man on steroids. Grinding gears everyday to keep improvements coming hard and fast.

Fix the current Obiden 1.0 student loan debacle going forward and get immediately on Mt. RUSHMORE.

No more loans but targeted tech school loans. Create real skilled workers. No more major in African poetry. Winning!

Forgive loans first those who made mistake and want to re-take Plumber, welder, electrical, truck driver, BSEET etc.

 

[candycorn]

At least he tries to help. Mortgage rates, credit cards etc. What didd your worthless corpse and muslim do for 12 years? Rob the treasury?

So if he announces that he'll outlaw rain on Saturday and Sunday (which is about the same power he has to regulate credit card interest rates), you'll give him credit for "trying"?

Were you always such a dumbfuck?

 

[Concerned American]

That is what I initially.thought. At worst, the conversarion is in.the public and it could force a.vote in your congress. Certainly anything above 15% is harsh, even for irresponsible borrowers. I see some cards at 28% etc.

Bottom line is DON'T ABUSE CREDIT and you don't have to worry about it. I've had a CC for 26 years and honestly, IDK what the interest rate is on it. I have never carried a balance on it. They have never gotten any interest from me in the entire time. The consumer has full control over the interest they pay. LOL, check out the interest rate on a payday loan---last time I looked it was something like 360% and payday loans are still legal and what is comical is no one calls them out for usury.

 

[DigitalDrifter]

Trump cannot unilaterally cap the rates, as it would take an act of congress. Probably threw the idea out there to change the headlines.

 

[candycorn]

President Trump is the idea man. The Shell answer man on steroids. Grinding gears everyday to keep improvements coming hard and fast.

Fix the current Obiden 1.0 student loan debacle going forward and get immediately on Mt. RUSHMORE.

No more loans but targeted tech school loans. Create real skilled workers. No more major in African poetry. Winning!

Forgive loans first those who made mistake and want to re-take Plumber, welder, electrical, truck driver, BSEET etc.

He's straight out of make-believe...thats for sure.

 

[Greenbeard]

At least he tries to help. Mortgage rates, credit cards etc.

He hasn't done anything. These are just social media posts.