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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yeah I wonder where he's getting these ideas from, it's almost as if someone has been lobbying for this.
To answer your concern, the full gist is that the Credit card companies should not be offering cards to dead beats, instead we now have debit cards they can use and other prepaid methods, they shouldn't have to make good credit people pay for the sins of the thieves. Credit card companies will have to be tighter on who they give cards to in order to offer low rates, which might end up at my recommendation of 12-15%
( Always start asking for lower than expected and negotiate with them a fair 12-15% to seal the deal and get more on board by making it less painful for them than initually expected of them and fair for all considering the risks and costs.
Recently discussed, but I also had commented on this years ago in the forums here:
Sanders & Cortez credit card plan
May 9, 2019
OH WHERE DO WE START?
My famous quote: "some times we intend to do something seemingly good as the right thing to do, but it's not necessarily what's best."
This is one of those times.
First off Bernie Sanders had 29 years (16 in the house) to address this issue and never did anything about it. Now he gets another zany eyed pie in the sky thinker to work on a narrow minded concept and suddenly he wants to the
thrust it upon us for his own sake not his country or even his party, just his own benefit, that's how you know it's gonna be bad.
Fact is the rates seem high thus seemingly the right thing is to want them lower, however by the wrong approach we cause more problems then good thus not what's best. I'm talking about the millions who will not be able to get cards if rates droped to 15% forcing companies to be tighter in who they can afford to lend to.
There are better ways to approach this issue that will allow them to afford droping rates without dropping the lower income or at risk users.
By not having solutions to problems that
add risk, then they are not addressing the high rate issue at all, just cutting off the margins and the banks at their knees making the banks suffer= the lower income users who are a risk to those margins will suffer the most. By thinking they are helping the poverty level voters they will actually get their wish and cut out their flying, because they will have no card to book their flights.
By thinking this redistributes wealth, they will actually be preventing lower level income or leveraged heavy spenders from equal access and opportunities and be stifling them.
YOU WANT TO LOWER INTEREST ON CARDS?
Then lower the risks, regulate how card companies freely give cards on quotas and commission that causes banks to hand criminals your copies of cards that costs the industry billions of dollars in fraud. SANDERS HAD 29 YEARS TO NOTICE that Wells Fargo had this commission driven care less about the customers, but has not recognized this same practice is done in credit card companies that evolve into the huge fraud cost passed onto the customer in the form of higher rates then should or could be. He had 29 years to notice customers know they can abuse the card companies as long as it's under $500. the amount they'll feel it's worth persuing. Stricter card fraud laws including purposely not paying your card with such intent to defraud would help lower rates, but has Sanders done this in 29 years, or has Cortez suggested anything other then broad stroke talking points that do not move the needle?
These people are too dumb to be in office, to lazy and self serving, you need to stop placing old hacks in office for long terms that never get anything done. It's easy to complain about the problems, it's another thing to come up with multi tiered solutions that actually address it with the least amount of bad results from the ripples you get from your initial wave of action.
