They need it for the midterms.

Coming to GD some time tomorrow, no doubt.

How is this any different?

Love GOP support for free markets!

Get the government off our backs

Darwinism for me by the GOP except at election time

all that will happen is credit card companies will start cancelling the cars of people with balances or else cutting their creit lines dramatically

considering over 7% of credit cards are either late or in default there is no practical way for the credit card companies to operate at 10%.

Credit card rates on cards with "good" credit was as low as 6.99, 7.99, 8.99, and 9.99 percent on those old green American Express cards in the 1990's and early 2000's Through about 2010 I had 9.99, 11.99, and 13.49 percent interest rate credit cards.

Then the banks got super greedy. Over the next ten years. Now all my cards have 17.99 to 25.99 percent interest with a good credit score.

In my area the Credit Unions used to legally have their credit card interest capped at 15 percent. I don't know when that regulation ended.

The banks can absolutely make a profit with a 10 percent interest rate on cards. They already did it in the past. They didn't go bankrupt!

They have high-interest credit cards because they are higher risk.

A lot of people shouldnt have credit cards. Credit card debt is the most common form of debt involved in personal bankruptcy. >90% of that gets written off.

Price controls—in this case, in the form of a limit on interest—limit the supply of whatever is having its price restricted. If he limited the price of a Big Mac to $1, it’s an awesome deal for the consumer…if he can find one.

its not financially viable for a credit card company to charge only 10% when the default/late payment rate is 7% or more. the wouldnt be able to operate.

the result will be huge credit card cancellation by the comapnies or else credit cards will go away and morph into american express type cards that have to be paid off every month

In the long-run, it may help the people who, frankly, cant handle them.

I was a finance major in the 80s, and during my jr and sr years, I volunteered for a single-parent college student org providing finance counseling. It wasnt that I was a fincial genius; we used pre-program system, sort of like the Dave Ramsey program nowadays. I knew credit cards were a problem for many people, but I had no idea just how big. It was nothing for some to have 5-6 cards of varying lmits, most maxed out.

My retail customers bragged in 1997 about having a 7.99 percent AMEX card and a 9.99 percent Visa card. They loved how the monthly payments were SO low because of the great interest rates they had.

I know some people getting low interest rates is different than everyone getting a capped 10 percent interest rate... but banks definitely won't go broke over this.

Also, California has a 10 percent cap on interest for personal loan. Though that rule seems to have lots of possible exemptions.

I'm not trying to pick on you... It just seems like nobody remembers credit card interest used to be MUCH lower in the past.

I.e., a number of banks that actually host/issue those credit cards, will domicile/charter their card entities in states with no cap or a high cap. The most common state is South Dakota, where you will see this -

only the very highest credit scores will be able to get them.
credit score under 700-750? nope. no card for you
with a 7% default/late payment rate a bank cant provide a card at 10% to any but the most credit worth borrowers.

But he might be able to declare that any interest paid on credit cards OVER 10% would be tax deductible!
But, that might smell like helping out the 'little people'.

...back. They aren't itemizing.

A tax credit of some kind maybe....

Then after the election, poof!

White House staff then proceeded to message that chickens make for poor eating and the president is delivering on his agenda towards a stronger America by reducing the Mexican dog population.

..that people hear the proclamation and believe he meant it--or even did it.

I doubt seriously that there is any intention to follow through. It is so much easier just to lie about it when a lot of people are going to believe you anyway.

He lies like he breathes.

but he isn't actually doing anything for these things to happen.

Anyone cam call for something. Where is the plan and process for it to actually happen.

I know it's intentional to keep everyone off balance but I wish it would stop.

1) he can't force any credit card co. to do that
2) the interest is how they make their money
3) anyone with a credit card has already agreed to a certain rate
4) epstein, epstein, epstein

Just like manufacturing companies never complied with his call to bring manufacturing back to the United States.

Trump is an idiot with no rational plan to do anything constructive for American people.

but consumers would still have to pay their balance (monthly) on each card.

It's going to create another chaotic issue.

Just to win over the astoundingly high % of stupid as fuck American voters. More Door Dash orders and trips to McDonalds for 10 months. This should go well.

Midterms. Whichever comes first.

more annoying than the sight of his bloated carcass.

Reading up on this post, I found this LBN from you back in March.

https://www.democraticunderground.com/10143415421

"During his campaign, President Trump pledged to cap credit card interest rates at 10 percent. We're making that pledge more than a talking point by introducing legislation to protect working people from remaining trapped under mountains of debt," Ocasio-Cortez said in a press release. Newsweek reached out to Representatives Alexandria Ocasio-Cortez and Anna Paulina Luna for comment via email on Monday.”



Here’s the 2 bills that have been introduced in the House and Senate that have been sponsored by AOC, Bernie Sanders, Paula Luna and Josh Hawley

https://www.congress.gov/bill/119th-congress/senate-bill/381
https://www.congress.gov/bill/119th-congress/house-bill/1944