Trump Catch-All | “I HATE TAYLOR SWIFT!”

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CRHeel94 said:
Wait, Trump proposed a cap on credit card interest rates?

Nice populist take, but its a terrible policy.
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Why is it a terrible policy? Not disagreeing. I can see pros and cons. But you seem definitive, and you usually have good reasons when you take a hard stance.
 
NYCBlueBlood said:
Why is it a terrible policy? Not disagreeing. I can see pros and cons. But you seem definitive, and you usually have good reasons when you take a hard stance.
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Because credit cards are essentially a non-collateralized loan.

If you cap interest at 10%, a whole lot of folks will either no longer “qualify” for credit cards or will be given tiny card limits due to fear of lack of repayment. (Or the cc companies will simply create 15 new “fees” to make up for the lost interest.)
 
SnoopRob said:
Because credit cards are essentially a non-collateralized loan.

If you cap interest at 10%, a whole lot of folks will either no longer “qualify” for credit cards or will be given tiny card limits due to fear of lack of repayment. (Or the cc companies will simply create 15 new “fees” to make up for the lost interest.)
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OK, if we are speaking specifically of his 10% proposal. Then yes, that's a terrible proposal. But I think there is a level where rates become so usurious that they are just a baited trap for poor people.
 
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