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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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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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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because u attacked lower rates because credit cards give "muh consumer protection benefits" and i told u it's
that those benefits are tied to interest charging lines of credit.
there's a god darn message history u fricking
. learn to read if dementia is hitting so fast u already can't remember a 4 message convo.
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That's not what happened at all....
I said that a cap on interest rates would keep a lot of people from being approved for cards. When asked why this would matter i explained the benefits of credit cards.
Those benefits aren't tied to interest rates and id never say something that r-slurred.
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you literally just typed up the sentence:
aruging that a cap on interest rates result in less people getting the benefits of cards... and my respond is that it's completely fricking
those consumer benefits are inherently attached to interest charging lines of credit. the regulation shouldn't be limited to lines of credit, the consumer protection should be a general protection for all electronic payments.
the fact someone as completely
as u can survive in our society is exactly why we deserve the extinction we've been diggin
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It will cause that. It's not an argument its an obvious statement of fact.
Ok what does that have to do with the current discussion of just capping the interest rate and making no other changes? That is the idea on the table. Not your r-slurred plan to rework all electronic payments.
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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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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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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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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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