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

[Arresmillao]

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?

excellent point, the convicted rapist trump is all about nonsense

 

[Darlo kittu]

Well, he does have entertainment value at times.

He us a great cure for insomnia

 

[Darlo kittu]

They look to me everyday at my job. I get paid a ton of money to lead. So much so that Trump is getting me solid tax breaks this year of $30,000+. Praise Trump!

Anything you say OCA. What do you do besides being a professional jackass and blowhard?.

And if you are opposed to tax cuts, give the money back

 

[Cassandro]

This is a bad idea, just as dumb as price freezes.

Have we not learned by now that government interference in commerce never betters us, it weakens us, not even for a year. This move will create major complications. For a year major credit cards would cancel cards, suspend cards, will make tighter restrictions on who does and does not get a get.

I think Dems tried to pass a stupid bill like this a year or so ago.

I am not sure why Trump trots out these far left ideas.

Credit card companies incorporate in Delaware to "decouple" from other states' usury laws.

 

[citygator]

Anything you say OCA. What do you do besides being a professional jackass and blowhard?.

Im a C-suite executive for a multi billion corporation. Same thing I have done for the last 20 of my 30 years in corporate world.

And if you are opposed to tax cuts, give the money back

Bad ideas that benefit me are going to stay in my benefit. If you want to raise my taxes do it and I'll pay without it changing my life one bit. I paid $340k in taxes last year. How much do you think $370k would bother me.

 

[Darlo kittu]

Im a C-suite executive for a multi billion corporation. Same thing I have done for the last 20 of my 30 years in corporate world.



Bad ideas that benefit me are going to stay in my benefit. If you want to raise my taxes do it and I'll pay without it changing my life one bit. I paid $340k in taxes last year. How much do you think $370k would bother me.

As like most keyboard warriors you are an obnoxious hypocrite

Not surprised at all

 

[my2¢]

Such an action would threaten to put our airlines out of business as they're dependent on the billions they get from the credit card companies.

As part of the new deal between American (Nasdaq: AAL) and Citi, the airline expects to grow its revenue by about 10% annually. The Fort Worth-based airline, which rarely discloses financial details of its credit card program, revealed that in the 12 months through September 30, its co-branded card partnership generated $5.6 billion. Dallas Business Journal

Here's what I saw one pilot say a year ago when Trump 1st brought the idea up:

 

[citygator]

As like most keyboard warriors you are an obnoxious hypocrite

Not surprised at all

I vote every election for a higher tax rate on the rich and lose. It’s not hypocrisy to pay the legal tax rate. Even if you voted for a higher one.

 

[Darlo kittu]

I vote every election for a higher tax rate on the rich and lose. It’s not hypocrisy to pay the legal tax rate. Even if you voted for a higher one.

Well tell you what Mr Nut case, why don't write a huge check to reduce the debt?

 

[1srelluc]

Im a C-suite executive for a multi billion corporation. Same thing I have done for the last 20 of my 30 years in corporate world.



Bad ideas that benefit me are going to stay in my benefit. If you want to raise my taxes do it and I'll pay without it changing my life one bit. I paid $340k in taxes last year. How much do you think $370k would bother me.

LOL....I bet claims he has a super model wife too. He should join ARFCOM.

 

[Fort Fun Indiana]

Trump the economically illiterate criminal is not proposing this to help Americans get out of debt.

He wants Americans to take on MORE debt, for short term consumer spending increases, for a short term boost to the economy that he can brag about.

Yes, that's how stupid and small our president is.

 

[Darlo kittu]

Trump the economically illiterate criminal is not proposing this to help Americans get out of debt.

He wants Americans to take on MORE debt, for short term consumer spending increases, for a short term boost to the economy that he can brag about.

Yes, that's how stupid and small our president is.

Is that why Trump is cutting taxes for the middle class and seniors so they can accumulate debt?

 

[citygator]

Well tell you what Mr Nut case, why don't write a huge check to reduce the debt?

Cuz I’m not stupid.

 

[berg80]

Trump the economically illiterate criminal is not proposing this to help Americans get out of debt.

He wants Americans to take on MORE debt, for short term consumer spending increases, for a short term boost to the economy that he can brag about.

Yes, that's how stupid and small our president is.

One never knows what may have motivated the idiocy. Perhaps a friend took a big stake in shorting the financials.

 

[JWBooth]

Am I mistaken in thinking that if this is implemented the card issuing banks are going to massively restrict who they extend credit to? Possibly reducing the lines of credit to current customers as the profitability of accounts gets limited?

 

[Fort Fun Indiana]

Is that why Trump is cutting taxes for the middle class and seniors so they can accumulate debt?

Yes it is. His low IQ theory is that they will spend more, boosting his economy. And with that spending will come more debt as well.

 

[citygator]

Am I mistaken in thinking that if this is implemented the card issuing banks are going to massively restrict who they extend credit to? Possibly reducing the lines of credit to current customers as the profitability of accounts gets limited?

That would be exactly what happens. $6T is spent on Credit annually.

 

[Darlo kittu]

Cuz I’m not stupid.

I didn't mean.to say you were. I thought knew

 

[Darlo kittu]

That would be exactly what happens. $6T is spent on Credit annually.

OCA citygator doing his research

 

[CowboyTed]

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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If a Democrat proposed that would you have called that Government overreach?
Maybe saying that Government are trying to control our lives...

In the past

WATCH: Biden administration to cap credit card late fees at $8 in move against junk fees

The Biden administration has portrayed the White House Competition Council as a way to save people money and promote greater competition within the U.S. economy.

www.pbs.org

https://www.reuters.com/article/world/us-politics/obama-signs-sweeping-credit-card-reform-bill-idUSTRE54L5S2/

Republicans Are Determined to Keep Credit Card Late Fees High

House and Senate Republicans have moved to block new consumer protection rules aimed at curbing credit card late fees.

www.rollingstone.com

Republicans Are Objectively Pro–Junk Fee - The American Prospect

A new congressional resolution aligns Republicans with the financial industry’s fight to preserve sky-high credit card late fees.

prospect.org