Trump pitches capping credit card rates at 10%.
(nypost.com)
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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.
We desperately need this, and further
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)