As someone with near zero credit card debt, I don’t really care. But also as someone who spent a lifetime in lending this sounds like a terrible idea. It will make credit cards almost impossible to get for everyone but the wealthy. Credit card lending will drop precipitously. It’s almost impossible to make money at 10% rates unless every payment is made on time and you take no charge offs.
Sounds like a terrible idea.
We’re fine, BB. It’s my 25-30 year old kids who can’t buy a house or save $$ that I worry about. And it’s been this way for a while, not just with the new guy in the Oval.
The credit card companies are just going to get the profit from somewhere else, and it will be through the wallets of those who pay their bills on time. They will fee the shit out of everything for those who don't make them money (pay on time).
Same as you, Balls. Never paid one penny in CCard interest. Home and car purchases are different…. I’m ordering my new GX at the end of the month. Paying cash. Not donating an additional 6.5% to my bank.
If you can’t afford, don’t buy. It’s not that complicated.
This sounds great in theory, but I don’t want the govt in the free market.
It’s a form of price control.
If you don’t want high CC rates, pay your bills. Us folks with good credit don’t have high balances or rates.
No one forced these people to have 1000s of dollars in debt, no one put a gun to their heads and said, SPEND!
I pay off everything every month but certainly see how some are buried. I actually think if they did some things that resulted in fewer people having fewer cards that would be a good thing. Not sure if 10% is the number. But this 22% skme have is ridiculous
I thought Pocahontas' pet agency already took care of that while they were debanking political foes along the way
so the legacy media pushed yet another story that was about as accurate as her Native American DNA test