2024 Presidential Election | ELECTION DAY 2024

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Trump Floats Long-Shot Proposal for 10% Cap on Credit-Card Rates​

Past proposals for higher caps haven’t gained traction​

“… Trump’s proposal comes as more Americans are struggling to pay their credit-card bills. The average interest rate on cards was 21.5% as of May 2024, according to data from the Federal Reserve, around the highest levels in at least a decade.

The average credit-card interest rate hasn’t fallen below 10% in Fed data going back to 1994.

“While working Americans catch up, we’re going to put a temporary cap on credit-card interest rates,” Trump said at the rally in New York. “We can’t let them make 25 and 30 percent.” …”
 
An alternative way to view Trump’s proposal is that he is advocating cutting off credit to lower income Americans:

“… Borrowers in lower- and middle-income households who carry balances would benefit the most from caps on credit-card charges. But they would also be the first ones banks would stop lending to if Trump’s cap were passed, said David Robertson, publisher of the Nilson Report, an industry publication.

“Wall Street banks would say, how much further risk do I want to bring on given the fact that my revenue is shrinking?” Robertson said. “That’s where the rubber meets the road.” …”

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Perhaps something where interest is capped at some level so long as no more credit is open for use? It is tough to make work in the real world, outside perhaps a national 18% consumer credit cap or something like that … I assume the no limits/high limit usury states that profit off of credit card issuers being based there would squawk, as would states rights proponents.
 
nycfan said:
An alternative way to view Trump’s proposal is that he is advocating cutting off credit to lower income Americans:

“… Borrowers in lower- and middle-income households who carry balances would benefit the most from caps on credit-card charges. But they would also be the first ones banks would stop lending to if Trump’s cap were passed, said David Robertson, publisher of the Nilson Report, an industry publication.

“Wall Street banks would say, how much further risk do I want to bring on given the fact that my revenue is shrinking?” Robertson said. “That’s where the rubber meets the road.” …”

——
Perhaps something where interest is capped at some level so long as no more credit is open for use? It is tough to make work in the real world, outside perhaps a national 18% consumer credit cap or something like that … I assume the no limits/high limit usury states that profit off of credit card issuers being based there would squawk, as would states rights proponents.
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Exactly. If cards can’t charge more than 10%, you’ll never be able to get credit unless you make something like $200k. Maybe more.
 
aGDevil2k said:
Credit, as we have this process, is worth a whole 'nother thread. It is a terrible, awful system
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I don’t disagree, but that’s not what Trump is saying. He’s proposing a decree that would make much cheaper credit available to far more Americans. Which would be a terrible, horrible, no good, very bad thing for the system, as many warts as it may already have at the moment.
 
lawtig02 said:
I don’t disagree, but that’s not what Trump is saying. He’s proposing a decree that would make much cheaper credit available to far more Americans. Which would be a terrible, horrible, no good, very bad thing for the system, as many warts as it may already have at the moment.
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100% agree with you.
 
nycfan said:
An alternative way to view Trump’s proposal is that he is advocating cutting off credit to lower income Americans:

“… Borrowers in lower- and middle-income households who carry balances would benefit the most from caps on credit-card charges. But they would also be the first ones banks would stop lending to if Trump’s cap were passed, said David Robertson, publisher of the Nilson Report, an industry publication.

“Wall Street banks would say, how much further risk do I want to bring on given the fact that my revenue is shrinking?” Robertson said. “That’s where the rubber meets the road.” …”

——
Perhaps something where interest is capped at some level so long as no more credit is open for use? It is tough to make work in the real world, outside perhaps a national 18% consumer credit cap or something like that … I assume the no limits/high limit usury states that profit off of credit card issuers being based there would squawk, as would states rights proponents.
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It is amazing how some who is running on cutting regulations is proposing more regulation .
 
They need to vote in North Carolina. I mean it's great Va is getting excellent early turnout, but I'm not concerned about them.
 
nycfan said:

Trump Floats Long-Shot Proposal for 10% Cap on Credit-Card Rates​

Past proposals for higher caps haven’t gained traction​

“… Trump’s proposal comes as more Americans are struggling to pay their credit-card bills. The average interest rate on cards was 21.5% as of May 2024, according to data from the Federal Reserve, around the highest levels in at least a decade.

The average credit-card interest rate hasn’t fallen below 10% in Fed data going back to 1994.

“While working Americans catch up, we’re going to put a temporary cap on credit-card interest rates,” Trump said at the rally in New York. “We can’t let them make 25 and 30 percent.” …”
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If Kamala proposed this she’d be getting dragged for being a communist.
 
Wheels81 said:
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Real question here. I know that they won’t be counting the votes until Election Day, but straw polls can start to give an indication of what the turnout looks like. I’m confident that the progressives will show up unlike anything we’ve seen before, but I don’t love the idea of signaling that to the republicans early, and giving them the message that they need to start showing up. How is that being handled?
 
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