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Will Credit Card Rate Caps, Actually Help Consumers? Policy doesn’t erase risk, it just moves it.

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Empery Digital

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17,296 просмотров • 5 месяцев назад •via X (Twitter)

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Rowdy Senate Banking hearing this AM. Lots of back and forth on credit card rate caps. At one point, Tillis challenged Democrats to name an example of rate caps working. Warren tried, Tillis cut her off, and Warren responded by making chicken clucking sounds into the mic.

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TRUMP NOW ON THE 10% CREDIT CARD RATE CAP: "Credit card companies will be in violation of the law if they do not comply with the interest rate cap by January 20. They are abusing people and I am not going to let it happen." My question is how is he going to implement this...
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TRUMP NOW ON THE 10% CREDIT CARD RATE CAP: "Credit card companies will be in violation of the law if they do not comply with the interest rate cap by January 20. They are abusing people and I am not going to let it happen." My question is how is he going to implement this...

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I’ve been beating the drum on this for almost a year When socialists like Bernie Sanders are pushing economic “promises” like credit card interest rate caps, it’s a scam
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Lowering credit card interest rates sounds like a good idea, but often times it ends up hurting the very people who policymakers were seeking to help. If interest rates are capped, the people who need it the most — high-risk borrowers who have low credit scores — will lose access to credit. Interest rates are largely dependent on the person who is doing the borrowing. The riskier a person is to lend to, the higher their interest rate is because the bank is taking on risk by extending them credit. People who are in desperate need of credit who will no longer be able to get a credit card then may turn to more expensive types of credit. This would also impact people who earn lots of rewards on their credit cards, have excellent credit scores, and payoff their balance every month so they don't pay interest. Credit card companies may cut back or cancel rewards and could start implementing annual fees on credit cards that never had them in the past or increase annual fees on existing cards.
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Lowering credit card interest rates sounds like a good idea, but often times it ends up hurting the very people who policymakers were seeking to help. If interest rates are capped, the people who need it the most — high-risk borrowers who have low credit scores — will lose access to credit. Interest rates are largely dependent on the person who is doing the borrowing. The riskier a person is to lend to, the higher their interest rate is because the bank is taking on risk by extending them credit. People who are in desperate need of credit who will no longer be able to get a credit card then may turn to more expensive types of credit. This would also impact people who earn lots of rewards on their credit cards, have excellent credit scores, and payoff their balance every month so they don't pay interest. Credit card companies may cut back or cancel rewards and could start implementing annual fees on credit cards that never had them in the past or increase annual fees on existing cards.

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Capping your credit card interest rate is straight communist.
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