^ kind of a big deal!
- Feb 14, 2009
- Reaction score
The only negative I could see is people with bad credit or low income having a hard time getting cards. But really that’s a good thing as it should not be easy to take in debt if they know they can’t afford it.https://www.cnbc.com/2019/05/09/bernie-sanders-aoc-will-unveil-plan-to-cap-credit-card-interest-rates.html
Bernie and AOC, the faces of the Democratic Party's left-wing, have introduced a new bill to cap credit card and loan interest rates at 15%.
Is there an argument against this measure? I assume it won't be "good" for credit card companies and payday lenders, but that's not the point obviously. And if there are reasons to be weary of this idea, are there any solutions out there for dealing with predatory payday loan lenders because that is a shit cycle that feeds on poverty.
One other thing is you could see more fees to help make up the revenue lost.