Big banks PANIC as Trump moves to slash credit card rates

[IroNat]

[chaos]

Oh no, how will they ever recover their 30% loans.

[GymnJuice]

I was going to say that I agree with Trump's instinct but he's meddling too much into the free markets, that people should just stop buying stuff they can't afford and pay off their debts each month. Then I googled to see if there's already a limit on what companies can charge for interest on loans. Apparently, there are already laws on the books in many states for general consumer loans. The credit cards bypass these state laws to charge higher interest rates. So, I think he's not wrong, the credit card companies should be held to the same standards as other lending companies.

[deadz]

10% will not happen. Wishful thinking on Mr. Trumps part. Long live the King. MAGA or GTFO!!

[Primemuscle]

Who pays interest on credit card balances? Not me.

[deadz]

Who pays interest on credit card balances? Not me.

Youre a fixed income bitch. Likely have canned soup for dinner daily. MAGA or GTFO, FAGG OT!

[Primemuscle]

Youre a fixed income bitch. Likely have canned soup for dinner daily. MAGA or GTFO, FAGG OT!

You are right part of my income is "fixed" aside from the annual COLA's, but some of it is derived from royalties and dividends from various investments. I get by.

I do like soup, such as lobster bisque for supper occasionally at the Portland Chart House or for something more filling, Cioppino, (which is more of a fish stew) at Seasons & Regions Seafood Grill. Canned soups, not so much. However, for meals at home I prefer West Linn Market of Choice house-made soups, like their Mama Leone's soups (Chicken Noodle, Tomato Basil & Cheddar, etc.) for around $11.99 for a 24oz container. 

[Coach is Back!]

I was going to say that I agree with Trump's instinct but he's meddling too much into the free markets, that people should just stop buying stuff they can't afford and pay off their debts each month. Then I googled to see if there's already a limit on what companies can charge for interest on loans. Apparently, there are already laws on the books in many states for general consumer loans. The credit cards bypass these state laws to charge higher interest rates. So, I think he's not wrong, the credit card companies should be held to the same standards as other lending companies.

The economy from the previous fake administration made it hard for people to make ends meet mostly due to rising costs, inflation, losing jobs and then trying to recover from the completely unnecessary lockdowns made it necessary for people to rely on their credit cards for almost everything. If this 10% happens, although liberals will find something to complain about, but overall this will allow people to pay their CC's off quicker and more money in their pockets. 

[Irongrip400]

I was going to say that I agree with Trump's instinct but he's meddling too much into the free markets, that people should just stop buying stuff they can't afford and pay off their debts each month. Then I googled to see if there's already a limit on what companies can charge for interest on loans. Apparently, there are already laws on the books in many states for general consumer loans. The credit cards bypass these state laws to charge higher interest rates. So, I think he's not wrong, the credit card companies should be held to the same standards as other lending companies.

Why? They end up writing off the bad debt eventually and normal people’s rates go up to cover the losses. Let him cap that shit.

[chaos]

Why? They end up writing off the bad debt eventually and normal people’s rates go up to cover the losses. Let him cap that shit.

I don't use credit cards that often so I was surprised to see rates at 24+%

[AbrahamG]

The economy from the previous fake administration made it hard for people to make ends meet mostly due to rising costs, inflation, losing jobs and then trying to recover from the completely unnecessary lockdowns made it necessary for people to rely on their credit cards for almost everything. If this 10% happens, although liberals will find something to complain about, but overall this will allow people to pay their CC's off quicker and more money in their pockets.

The country was more stringently locked down in 2020 than it was in 2021. 

[Humble Narcissist]

Who pays interest on credit card balances? Not me.

Me neither but most do especially young people. The rates are approaching 30%. You get get a loan from the Mafia at better rates.

[Primemuscle]

Me neither but most do especially young people. The rates are approaching 30%. You get get a loan from the Mafia at better rates.

Buying on credit is a crazy concept. For one it is regressive. If someone cannot afford something so they charge it, they end up paying much more than those of us who buy only what we can afford to pay for upfront or within the thirty days before interest is charged. Only if the interest rate is lower than one can earn from investing that money does this make any financial sense.

[deadz]

Buying on credit is a crazy concept. For one it is regressive. If someone cannot afford something so they charge it, they end up paying much more than those of us who buy only what we can afford to pay for upfront or within the thirty days before interest is charged. Only if the interest rate is lower than one can earn from investing that money does this make any financial sense.

How enlightening