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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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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more insentives to get the poors to spend money they dont have. Also i always carry cash around even tjo i have credit_debit cards/apple pay etc. Its dumb not have cash on you in case of an emergency or you need to buy some dope. lmao
not like they could just provide said c9nsumer protections to debit card holders. Oh yeah, thatd be bad bc itd help the poor.
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There is no incentive for poors to spend money they don't have. There's a massive interest rate to discourage it.
It sounds to me like you're fairly financially illiterate and avoid credit cards because of this. That's fine but just know that this is hurting you financially.
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except when they have 0% intro apr. The poors spend a bunch during the first year and they dont realize they have a problem until a year later ehen the 30% kicks in.
i just said i have/use credit cards dumb shit, im just saying that its not a bad thing to disourage them for poors.
im doing fine financially,
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Keep yourself safe r-slur
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yeah next youll say that poors should take out an auto loan instead of just buying a used car. Benefits dont always outweigh the risks for everyone dumb frick
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They should take out a loan to buy a used car yes. They need an emergency fund and holding onto the cash is insanely important for them.
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I honestly don't know my pin number. Use credit cards for everything for the points, pay off every month. Simple as.
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Exactly.
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only if you're r-slurred. oh wait, you already said they were poor
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thats my point. credit cards are double edged swords. A financial instrument that might be appropriate for a rich or middle class person isnt automatically the right thing for someone who is poor and may potentially make them even poorer which aggregately causes other sovial problems for us all collectively.
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I enjoy everytime u troll him bb
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