Senator Bernie Sanders announces he will introduce legislation to cap credit card interest rates at 10%.
Thursday, 13 Mar 2025
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I think Trump is unstable enough to possibly, and completely by accident, do something good.
Not going to happen. Default rates are a 14 year high at the same rate as the great recession.
If they do 10% interest rate, it will only be people with credit scores higher than 800 and with credit history longer than 10 years.
https://www.forbes.com/sites/billhardekopf/2025/01/02/this-week-in-credit-card-news-defaults-at-highest-level-in-14-years/
I don’t disagree with this but the only thing it will do is dry up easily available debt
Which is probably a good thing
If you’re a responsible credit card owner you won’t have to worry about paying interest
Limit credit card interest rate to 10% would make 80% of people lose their cards, as most people have a horrible credit score.
or how about establishing legislation about teaching students how to handle money responsibly and stay out of debt.
Sure, put a federal cap at 10% apr. Fine.
Just **take a wild guess** at what will happen as a result?
Short **and** long term consequences.
I’m in the lending profession.
(Spoiler alert : The working class will suffer even more.)
I’m sure that won’t happen but it would be great, at least for a year or two. I can’t compete with the interest rate on my credit card.
It will be buried in a bill with 150 more things, so when it’s shot down by Congress, they will have something to complain about. We need single issue bills again.
Oh his cronies will see that crushed long before he has to pony up. That would hurt stockholders and help the poor so it’s unamerican
I’ve seen this same post about once a day for a week now…
I don’t think this goes anywhere especially at 10%, maybe if they could get a higher cap like 15-20%, that might help eliminate some of the more predatory credit card issuers.
But credit card companies and their lobbyists have money and politicians like money, especially Trump..
This is actually a bad idea but I wouldn’t expect Bernie to understand why. Dude is just a short sighted fool who doesn’t fundamentally understand how the economy works.
Trump said it likely with no intention of ever implementing it again, and I doubt Trump ever brings it up again.
It won’t even go to a vote on the floor.
All this will do is eliminate most consumer credit for those with credit scores below 780. If he really wants to help cap at 18% and eliminate junk fees.
Why did Bernie wait until now, and not introduce this in 2021 when the Dem’s had a trifecta.
Why didn’t the moron do it under Biden? Term limits please.
As if credit card companies will not find a way to make up for drop in revenue.
Regulation is basically governmental whack-a-mole.
Bipartisan support from Bernie and Trump would be historic
This type of legislation will only entice credit card holders to incur additional credit card debt because “10% ain’t so bad.”
If I was a betting man, I’d put up $5 that Trump’s Republican cronies in Congress make sure it never reaches his desk.
This gets posted like everyday.
Will never be proposed and won’t pass
Why 10%? Nah, bring it down to 2%
Yes, removing access to credit from legitimate, public firms is a great idea. What could go wrong?
Is Bernie trying to steal trumps idea
I don’t think Trump remembers saying this.
If this means ppl with bad credit can’t get credit cards, then it’s probably for the best. Those people should be using debit cards anyways if you can’t pay it off every month
Given Bernie’s history of achieving absolutely nothing during his entire career as a hog swilling at the public trough I predict that he will remain true to form and fail to achieve this as well.
Why is this being reported every other day for like 2 months? Bernie is so desperate for attention.
10% cap on card rates is absurd when you contextualize the economics of a credit card. Be prepared for huge annual fees, difficulty getting cards, less rewards and benefits, etc. This would be a negative to anyone using credit responsibly. This would also limit the availability of credit cards for people who would actually need one in an emergency.
The interest rates are high because it’s unsecured borrowing. When you borrow for a mortgage or against an asset it’s backed by collateral. Credit cards generally are not. This is why the interest is high, to compensate the lender for risk.
If you’re financially illiterate, don’t ruin credit cards for the rest of us. Terrible idea. If you don’t understand the implications of 25%+ annual interest, don’t get a credit card. Stop spending what you can’t pay back.
Having this happen isn’t the issue, it’s all the pork-barreling where politicians from both sides try to sneak in some legislation they want passed and use their vote as leverage to make sure it gets in the bill. A proposition that’s 2000 pages long and is released 12 hours before the vote….its disgusting
It’s a good idea. And one both sides can get behind. Unfortunately we’re forgetting the third side – the credit card companies….
He lied. Just like the corporate Democrats you have supported.