Trump pitches capping credit card rates at 10%.
(nypost.com)
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Agreed!
If I were to run a long-stay car park and then hire out the customers' cars for money I would be accused of fraud, or worse.
For a bank, that is a long-stay money park, that is quite normal! In fact, they can lend out your money several times over and charge interest each time.
That has to be a racket, doesn't it?
Yay for big government, I guess
He’s 0-3 on Assassination attempts. Now he’s just giving them the finger and taking another lap.
A Hard Cap on Annual Credit Card interest is about the closest thing we’ve seen in modern day to a Ban on Usury. And undoubtedly is all but going to guarantee they try to take another shot at him.
JUST AN FYI...by saying this NOW, it is "ALMOST" Guaranteed they MIGHT try again...
Ask self "WHY?"...I think he wants the banks to sweat a wee-bit before this goes into affect...The reason: Usury RATES should be control by the STATE NOT THE FEDERAL GOVERNMENT...which is what he is proposing, in a round about way. All banks/credit unions follows the FED rate VERY CLOSELY...
Following two examples shows what PDJT is trying to do:
A 24% interest rate on a 5-year loan can result in a total payment of approximately $34,500 for a $20,000 vehicle, compared to $22,600 at a 5% interest rate.
Usurious interest rates can disproportionately harm individuals who are least able to pay, leading to financial devastation. (banks/credit unions become loan sharks)
Oy vey shut that down.
Ban imaginary money period! Credit cards are digital transaction for money that does not exist! Let's go back to the Gold Standard, where value of legal tender is predicated by tangible assets! Electronic credit is legalized theft!
AND Sir, I do hope "Ric0Suav3" is a male name...😂🧨🧨🧨 is exactly what he is proposing...tieing the USURY rate to the Gold Standard Means the banks will NOT be able to charge the insane fees AND MAKE MONEY OFF THE BACKS OF AMERICANS...
Banks are "supposed" to put their monies in interest bearing accounts so they the banks can draw on that money "earned" AND NOT OFF THE BACKS OF AMERICANS!!!!!
NOTE: Banks are using the FED for this NONSENSE so by getting rid of the FED and using the Treasury, this NONSENSE will bring everything back in-line!!!!
He keeps baiting them with all the good he will do
Watch Kamala try to copy.
I hope that you’re just not making minimum payments AND still charging with the card. Every year I took two days out of my Algebra II classes and taught how credit card debt can get out of control and how making only minimum payments compound the problem.
We had $32k in credit card debt. I paid more than minimum every month. It just wasn't going down (our fault, we kept using them). Unfortunately, it took an inheritance to pay it off, but without the inheritance we would have figured out another way. We did have quite a bit of equity in our house so we could have gone that route but neither of us wanted to wipe out our equity. If I was in that situation today, with rates being higher, things costing more - we'd be in big trouble. I pray things work out for you.
The snowball method is a wise choice. I was trying to pay the amount of monthly interest on top of the monthly payment so that the balance would actually go down but with that much credit card debt (and adding more in every month), it was one step forward, two steps back.
Sell plasma, get a PT job, etc... 10K is a small amount of debt. Even @ 30% APR that's 250 a month interest...
What happened to less government and free markets? Oh, well I guess the unitary strikes again. Ok, now bring on the downvotes
I understand your point of view. I'm torn on how I feel about this. Democrats should love this though, like no tax on tips.
That would sure be nice.
Need to cap the shit at 2%, I'm all for them making some interest but the amount they make right now is beyond ridiculous.
ShutItDown