https://x.com/SenSanders/status/1857527478715031865
I look forward to working with the Trump Administration on fulfilling his promise to cap credit card interest rates at 10%.
— Bernie Sanders (@SenSanders) November 15, 2024
We cannot continue to allow big banks to make record profits by ripping off Americans by charging them 25 to 30% interest rates.
That is usury.
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Oh cool now poor people won't be able to get credit cards.
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I was discussing this with my dad and we came to the conclusion that the only option would be ridiculously low introductory credit limits.
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Or secured cards where you put a deposit and that's your credit limit.
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This just sounds like saving money but with extra steps
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It is but you are underestimating how fricking stupid poors are. A lot of them are incapable of saving even $0.01. A secured card has different vibes and is easier for them to understand than "keep some money without immediately spending it"
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Probably a good thing because poors are too r-slurred to understand credit cards
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This will hurt poors more than it helps them. They'll lose the consumer protections credit cards give and go to pawn shops and payday loans for even higher interest short term loans anyways.
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lol
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If you pay it off that month it's zero percent interest rate with points. The cards let you perform charge backs if you're ripped off in any way, protect you against fraudulent use, and give you insurance on your rental cars.
But yeah if you run up your credit cards and pay the minimums it's very expensive. They're constantly available unsecured loans.
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like health insurance it can work for you if youre not poor/dont have inconsistent income.
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Neither of those things affect if it works for you. Being poor doesn't make you magically spend more with a credit card.
Just spend what you have in cash and immediately pay it off.
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why wouldnt you just spend the cash then and avoid having your credit hit with a credit inquiry? Credit cards are designed with 0% first year apr/low introductory rates to get the poors to spend money they dont have. Unless you have money coming in continuously and you can live beyond your means a credit card is a risky gamble especially if the reason that yohr poor is due to poor financial literacy. This is the same as the argument for student loans. "just pay it off and its not a scam". If your at the point that you have to take studwnt loans it means you didnt get scholarships/are a poor performer and maybe should go into trades instwad of saddling yourself with debt you may not be able to pay of due to unforseem market forces or bc you picked a dumb degree/couldnt graduate.
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Because using a credit card regularly will boost your credit by a large amount. For the points. For the consumer protection. Because you shouldn't carry a lot of cash and its really r-slurred to use a debit card for purchases.
That's a really dumb question honestly.
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only if you're r-slurred. oh wait, you already said they were poor
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I enjoy everytime u troll him bb
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we could just make an e-currency with that protection serviced by the govt, and it wouldn't have to come with the liability of running up 30% interest rates on overspending.
yet again letting the market solve issues of governance inherently comes with the overtone of exploiting people too stupid to make better decisions.
please just keep yourself safe for being so myopically r-slurred.
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But no one has done that and no one is suggesting anyone does that. Until that is on the table it has absolutely nothing to do with this conversation on putting a cap on the interest rate of credit cards.
These are bank regulations you mouth breather. They're literally government regulation. Did your mom drink when she was pregnant?
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so make the govt regulations align for normal bank transactions??? how absolutely
are you???
those "protections" shouldn't be tied to only interest charging lines of credit.
seriously, please
urself for being so 
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In what way will lowering interest rates affect anything you just brought up? Then how is why if this relevant you dumb frick?
youre legit r-slurred. You clearly can't follow the conversation.
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Payday loans can be over 1000% lmao. Poors aren't very smart.
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If they don't hit payday loans as well then this will indeed happen. I can't imagine a situation where they hit credit card interest rates and not payday loans though.
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They get payday loans
They get evicted
They lose their car
just kill all poors and be done with it.
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Oh no poor people will have to learn to be responsible with money. What a tragedy. What ever will they do if they stupidly pick a place where the rent is too high?
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The people that would resort to that can't be helped. But for everyone not completely r-slurred, not giving endless credit away at checkout is a good measure to make people aware of when and how much they're borrowing.
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waiting for dems to start crying its racist
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