Clear as day. The dude is just rambling but in his ramble he basically proposes what Harris was accused of proposing. She didn’t. She opposes price gouging in emergencies and illegal collusion on pricing. Capping credit card interest @ 10% is straight up price control. Would bankrupt companies too. Sure, Donald, let’s cap interest rates - Kevin Drum Sigh. It just doesn't matter what he says, does it? Most likely nobody will bother reporting this. Banks won't bother protesting it. Wonky bloggers like me won't bother explaining why Trump can't do it. Conservatives will mostly ignore the fact that this really is socialism, far worse than Kamala Harris's trivial price gouging proposal. In fact, just the opposite: His enablers will suddenly produce a spate of explanations for why it's a brilliant, far-reaching, and conservative proposal. Stuff like this is a product of intersectionality: Trump is both mentally declining and willing to say any weird thing that pops into his fevered brain. Everyone knows it, so nobody takes anything he says seriously. He's treated like a five-year-old running for president.
He's grasping at straws throwing everything he has and hoping that something sticks. That being said one consequence of actually capping credit card interest rates at 10% would have the effect og excluding anyone with less than perfect credit from obtaining credit cards or alternatively placing very low credit limits on those credit card holders.
I saw it in a tweet so I have no idea if he actually said it, but did he also say he would cut your car insurance in half or something?
I’m no fan of credit card companies but I find the policy flies in the face of the old GOP platform but anything goes in the Trump party. Biden is addressing fees but interest rate, not so much. Consumer Financial Protection Bureau Releases Final Rule on Credit Card Late Fees, with Overdraft Fees on Deck.
If interest were capped on credit cards like that, there would definitely be more credit card debt. At 10% thats almost a legitimate financing option on major purchases lol.
If he was really interested in saving people from themselves he would put a cap on the credit card limit amount not the interest.
He legitimately rambles about all kinds of stuff that needs to be fixed but never actually offers any solutions. Just trust him he'll get it done as he showed us before with his healthcare plan, wall, etc....
Since almost all insurance is state regulated, I was curious how the president could do anything about car insurance, obviously details aren't important to Trump or Republicans.
The impact would likely be the opposite - they’d crack down on late payments, tighten credit standards etc. Less people would be able to get cards.
Whatever it takes. Screw parasitic credit card companies. That said, it's never happening. They couldn't even pass a bill to cap late fees because it would put them out of business. Imagine running a business where late fees were a key component of your revenue stream, enough so that the company might even collapse without the revenue of late fees. Talk about an utter perversion of the concepts of Adam Smith.
Since they won't be here, I thought I would link the price control thread so that people can see who was absolutely outraged about price controls but won't touch this one. Kamrade Kamala's Solution to Inflation - New Policy Proposal
True, low interest might just make some spend more and get more in debt. I mean, if i’m a CC company, and I got a guy that is maxed out at 20% but has never missed a payment, and Trump cuts interest to 10% .. then maybe I double his limit, tempt him to max it out again, so I can make the same interest off him….
