Trump pushing price controls now w/cap for credit cards

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.

 

But but but Comrade Kamala!

 

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?

 

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.

 

I think he's going to build a wall and Mexico will pay for it.

 

If he was really interested in saving people from themselves he would put a cap on the credit card limit amount not the interest.

 

@wingtee are these the plans you were talking about?

 

so much for small government

 

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.

 

If Trump gets elected, Canada's going to build a wall and we're going to pay for it.

 

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.

 

That actually might be a good thing.

 

Imagine owning a business where your customers paying on time is a BAD THING. Parasite much?

 

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….