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Trump - Credit Card Interest Rates Should be Capped at 10%

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  • Trump - Credit Card Interest Rates Should be Capped at 10%

    Trump, on the campaign trail, said he thought that CC interest rates should be capped at 10%. Bernie Sanders said:

    he will push forward new legislation to cap credit card interest rates to 10%, which is something President-elect Donald Trump said he wanted to do temporarily on the campaign trail.

    "During the recent campaign Donald Trump proposed a 10% cap on credit card interest rates. Great idea. Let’s see if he supports the legislation that I will introduce to do just that," Sanders wrote on X.
    I have always felt that we should have laws that stop predatory practices. It will be interesting to see what that lobbyist do if and when this is actually proposed.

    Sen. Bernie Sanders is daring President-elect Donald Trump to back his upcoming legislation to cap credit card interest rates after the president-elect made a similar promise on the campaign trail.

  • #2
    Yeah, predatory lending is nasty. Not sure if a straight cap is right, but this should at least get debate going on the topic.
    Kung Wu say, man who read woman like book, prefer braille!

    Comment


    • #3
      Side note: Giving federal loans to kids that shouldn't be in college and have no hope of recovering the debt is a form of predatory lending.
      Kung Wu say, man who read woman like book, prefer braille!

      Comment


      • #4
        Originally posted by Kung Wu View Post
        Yeah, predatory lending is nasty. Not sure if a straight cap is right, but this should at least get debate going on the topic.
        It probably should be tied to interest rates.

        Comment


        • #5
          Originally posted by SB Shock View Post

          It probably should be tied to interest rates.
          Yeah, probably prime + X%, where the X is capped.
          Kung Wu say, man who read woman like book, prefer braille!

          Comment


          • #6
            While putting a cap on Credit Card rates would be welcome I was wondering why any administration would allow the rates that are charged by Payday and Car title loans. These rates approach 500% and 400% APR respectively I thought there was legislation years ago to lower rates to a segment of the population that can't qualify for a loan at a bank and probably really can't afford in reality the rates they are charged. Always thought there should be some type of oversight to guard against Shylock lending rates.

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            • #7
              Originally posted by pogo View Post
              While putting a cap on Credit Card rates would be welcome I was wondering why any administration would allow the rates that are charged by Payday and Car title loans. These rates approach 500% and 400% APR respectively I thought there was legislation years ago to lower rates to a segment of the population that can't qualify for a loan at a bank and probably really can't afford in reality the rates they are charged. Always thought there should be some type of oversight to guard against Shylock lending rates.
              It seems like this is low-hanging fruit to stop preying on a vulnerable population. I assume that there are politicians who are beholden to lobbyists or have financial ties that stops this from happening.

              Comment


              • #8
                I've never understood why so many focus on CC rates. I've never paid a single penny in CC interest in over 20 years of having a CC.

                Being responsible costs you nothing here. If you abuse having a card you should pay for that.

                Also not a fan of the federal government capping private businesses like this. You're not forced to have a CC. Many people live life without them. You make the choices and should deal with the consequences of your actions
                Infinity Art Glass - Fantastic local artist and Shocker fan
                RIP Guy Always A Shocker
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                ICT S.O.S - Great local cause fighting against human trafficking
                Wartick Insurance Agency - Saved me money with more coverage.
                Save Shocker Sports - A rallying cry

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                • #9
                  Originally posted by SubGod22 View Post
                  I've never understood why so many focus on CC rates. I've never paid a single penny in CC interest in over 20 years of having a CC.

                  Being responsible costs you nothing here. If you abuse having a card you should pay for that.

                  Also not a fan of the federal government capping private businesses like this. You're not forced to have a CC. Many people live life without them. You make the choices and should deal with the consequences of your actions
                  Good for you and every responsible family/person who don’t depend on credit cards for their purchases. The problem is that there are many irresponsible consumers who are a problem, and they cause a problem for our entire economy.

                  Consumer debt plays a large role in the economy. Read how this metric is tracked and why it's so important.

                  Comment


                  • #10
                    Originally posted by SubGod22 View Post
                    I've never understood why so many focus on CC rates. I've never paid a single penny in CC interest in over 20 years of having a CC.

                    Being responsible costs you nothing here. If you abuse having a card you should pay for that.

                    Also not a fan of the federal government capping private businesses like this. You're not forced to have a CC. Many people live life without them. You make the choices and should deal with the consequences of your actions
                    Its beyond all that.

                    Americans have over $1.5T in card debt and have $5T in credit. That's trillion dollars. Those numbers are mind numbing.
                    Kung Wu say, man who read woman like book, prefer braille!

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                    • #11
                      And those were choices made by irresponsible people. I don't have a lot of sympathy for most of them. I get times of emergency but most of that debt is simply irresponsible behavior and I really don't feel a need to help those people out.
                      Infinity Art Glass - Fantastic local artist and Shocker fan
                      RIP Guy Always A Shocker
                      Carpenter Place - A blessing to many young girls/women
                      ICT S.O.S - Great local cause fighting against human trafficking
                      Wartick Insurance Agency - Saved me money with more coverage.
                      Save Shocker Sports - A rallying cry

                      Comment


                      • #12
                        Originally posted by SubGod22 View Post
                        And those were choices made by irresponsible people. I don't have a lot of sympathy for most of them. I get times of emergency but most of that debt is simply irresponsible behavior and I really don't feel a need to help those people out.
                        First, yes, I was fortunate to have parents and grandparents who were raised on farms, learned the value hard work and not going in debt as they successfully made it through the depression. I learned to "use" the system of credit cards to my advantage. They pay me to use their card.

                        Comment


                        • #13
                          Originally posted by SubGod22 View Post
                          And those were choices made by irresponsible people. I don't have a lot of sympathy for most of them. I get times of emergency but most of that debt is simply irresponsible behavior and I really don't feel a need to help those people out.
                          Don't be so quick to judge! The #1 reason for bankruptcy is medical bills.

                          Comment


                          • #14
                            Originally posted by Kung Wu View Post
                            Yeah, predatory lending is nasty. Not sure if a straight cap is right, but this should at least get debate going on the topic.
                            How is predatory lending any different from price gouging at the grocery store!??

                            In fact, a case could be made that ****ing people with food is far worse.

                            Be careful young Padawan, you keep speaking up for the weak and the "Christians" will start calling you a DemocRAT.

                            Comment


                            • #15
                              Originally posted by C0|dB|00ded View Post

                              How is predatory lending any different from price gouging at the grocery store!??

                              In fact, a case could be made that ****ing people with food is far worse.
                              They are both financial exploitation, but you asked how they are different: With predatory lending the devil is generally in details that are misleading or hidden within complex legalese and there are few alternatives. Shitty prices are on display for everyone to see and are much easier to navigate with plenty of alternatives (except in emergencies).
                              Kung Wu say, man who read woman like book, prefer braille!

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