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    What Capping Credit-Card Interest Rates at 10 Percent Would Do | National Review


    What Capping Credit-Card Interest Rates at 10 Percent Would Do | National Review

    What Capping Credit-Card Interest Rates at 10 Percent Would Do



    Posted by Euro347

    View 27 Comments

    27 Comments

    2. hotdogconsumer69 on

      Credit card interest is epic

      It gives me stuff like rewards points on the backs of stupid people who can pay a bill

      10/10 make it higher

    4. Euro347 on

      AXP is trading at a all time high. PE ratio of 20. If earnings take a hit from a spending slowdown, higher default rate plus reduction in interest rate income, this stock becomes expensive.

      Im also concerned what happens if Buffet sells part of his stake in AXP. He’s been offloading BofA.

    5. Josh_The_Joker on

      Maybe that would incentivize banks to be more careful with who they give a credit card and what limit they provide. Right now at 20%+ the risk is worth it, if they were getting 10% max they will be more careful.

    7. JPMorgansStache on

      Whenever headlines like this come out, you just know something is up. It’s happening during a season of weird ideas being floated out there by all kinds of people in the political realm i.e. unrealized capital gains tax, no tax on tips, etc. as well as actual changed like the half penny stock tick buying rate or whatever they are doing to incentivize more money on dollar-bins equities.

    10. the_whole_arsenal on

      Credit card acceptance rates will go to 20%, and there will be termination language in the TOS that if you miss a payment, the account is terminated. Also, all perks will.be stripped.

    11. wolf_of_mainst99 on

      Lol only dumb people pay interest on credit cards, any bank will give you like 3 or 4 different cards with 0%apy for like 18 months. With how many banks there are it’s endless amounts of no interest credit cards you can get. Just get a new card every year and enjoy no interest, also each card will give you like a $200 dollar bonus when you sign up. Look up churning for a more complete description on how to do this.

    17. hobbsAnShaw on

      I’m told that Christians follow the Bible, I wonder what their bible says about charging interest ?

    18. ramdomvariableX on

      Chances of him implementing this are near zero, just like his Healthcare plan. IF it happens, some of the consequences will include reduced consumer spending / increased predatory lending ..

    19. ThisKarmaLimitSucks on

      The current market yield for an unsecured loan (personal loan, etc), is a lot higher than 10%. Even CCC-rated corporations with *some* collateral to take in a default are paying 12%.

      Limiting banks to charging hugely below-market interest rates is a price control. Like most price controls, it’ll blow up in its designer’s face. Banks will just either cut spending limits to the bone or cancel cards.

    21. navywater on

      But morons paying high rates is what allows the rest of us to get 0% interest and 3% cash back on no fee cards.

    24. pakmakaveli1 on

      Rates should have a cap, but by rates determined by the market. Credit cards are unsecured debt. People steal and are not honest this the rate needs to be high to compensate for the risk. Would you personally lend to random people for 10% interest?

    27. yuckfoubitch on

      They would just close accounts and not approve people for credit cards unless they have excellent credit lmao

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