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

[leftwinger]

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.

They are heading down despite clueless too late Powell .SHUP commee baboon. Blackrock put on notice. No more $10 Billion dollar neighborhood takeover buyouts like Congress allowed in 09'. Trump works for the American people, not like Obiden for the bankers only.

 

[Crepitus]

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.

Congress doesn't have that power either.

Every credit card holder signed agreements on interest rates when they got the card.

The organization that may have been able to do something about the usurious rates has been dismantled by the tRumplings. CFPB.

 

[excalibur]

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 believe he's pushing Congress to act on S. 381 and H.R. 1944.

 

[Crepitus]

They are heading down despite clueless too late Powell .SHUP commee baboon. Blackrock put on notice. No more $10 Billion dollar neighborhood takeover buyouts like Congress allowed in 09'. Trump works for the American people, not like Obiden for the bankers only.

Wanna try again, this time in English?

 

[leftwinger]

President Trump tries. Nothing is impossible.


Doing nothing slowly and corruptly like Obiden is not any answer. The 09'-13' stuck in mud malaise.

Throw it out there. At least try. Something good may come from. It.

 

[IDIOCRACY]

 

[leftwinger]

ITIT.

I'm out.//

 

[egp320i]

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 have a 2% card and if you pay the card off each month which I have always done that number means nothing

don't spend more than you make and you never pay interest, money 101

 

[IDIOCRACY]

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.

Bingo.....I have two cards. One pays back 2%, the other 5%, no fee......On some level it's money in the bank tax-free. I guess airline are real good, never tried one.

Nobody in my family pays interest on that BS, and if I ever discover otherwise I'll.....

 

[Crepitus]

I believe he's pushing Congress to act on S. 381 and H.R. 1944.

Those bills are Democratic. The Senate version from Bernie Sanders and the House from AOC.

 

[22lcidw]

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.

Give the power to print the fiat currency to the people and take it away from the private owners of the federal reserve. A lot of things can be done. It does not mean that people not paying off any loans from that system will be tolerated over and over either. You go into debt; you pay it off. You get limits on what you can borrow, and you are rewarded with higher limits as you pay it off. Personal health is involved in this to degree.

 

[LordBrownTrout]

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.

Thats what I do. I just pay it off whenever the statement comes. They never get any interest from me. I just use them.

 

[Crepitus]

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.

Conversation is already in the public. Bills from Sanders in the Senate and AOC in the house.

 

[leftwinger]

Thats what I do. I just pay it off whenever the statement comes. They never get any interest from me. I just use them.

Again. They get percentage of your purchase. Some places have X amount off if you pay cash. Used to be more common. CC used to be more painful and costly to vendor.

Or, why would VISA continue? They get paid. Bankers get paid.

 

[leftwinger]

Yes, credit card companies make money on your purchases even if you pay off your balance in full each month. The primary way they earn revenue from transactions is through interchange fees, which are charged to merchants for processing card payments. These fees typically range from 1% to 3.5% of the purchase amount and are paid by the merchant, not the consumer.


**causes prices to rise 5% or so.

 

[LibertyWeeps]

So..........on January 20th, 2027, all credit card companies are going to jump to 50% in order to make back all the money they lost during 2026.

 

[Concerned American]

Some places have X amount off if you pay cash.

Gas stations are the only places that I've seen do that and I won't go to stations that have a cash and credit price. Honestly, gas and large purchases are the only place I use it at all. You are correct that the retailer pays a charge on each sale, but offering that convenience also promotes sales.

**causes prices to rise 5% or so.

LOL, most people who use credit to make purchases are spending upwards of 15% when they purchase with them.

 

[leftwinger]

Gas stations are the only places that I've seen do that and I won't go to stations that have a cash and credit price. Honestly, gas and large purchases are the only place I use it at all. You are correct that the retailer pays a charge on each sale, but offering that convenience also promotes sales.

LOL, most people who use credit to make purchases are spending upwards of 15% when they purchase with them.

I'm with you all. I use it on big purchases or bigger grocery store sales, dental, doctor (my costs after insurance), car repair?

Pay it off right away. I have Chevron, Shell for convenience as you point out. But as a dinasour I use cash as much as possible.

Banking has become easier to pay bills but you still have have to find the amount due.

Another login, another password, 6 cards, 6 hassles. Two factor login. UGH find cellphone, enter code. And auto billing (carwash) different days on all. I still go to a PC to do it. What if your out for 4 weeks? All on the 4" phone? Go to a library?

To Pay cash is easier on all small stuff but gas station.

 

[Concerned American]

Another login, another password, 6 cards, 6 hassles. Two factor login. UGH find cellphone, enter code. And auto billing (carwash) different days on all. I still go to a PC to do it. What if your out for 4 weeks? All on the 4" phone? Go to a library?

To Pay cash is easier on all small stuff but gas station.

Agree 100%. CC company got pushy about auto pay by sending the bill to arrive just shortly before the due date so I have reluctantly capitulated.

 

[JoeB131]

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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When does he promise the FREE ICE CREAM?