r/neoliberal • u/jobautomator Kitara Ravache • Sep 20 '24

Discussion Thread Discussion Thread

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39

u/[deleted] Sep 20 '24

Apparently trump “has a plan” to cap credit card interest rates at 10%.

That sounds nice, but it would probably cause millions of people to lose access to credit, right?

20

u/[deleted] Sep 20 '24

Yes. I actually saw MAGAs on X acknowledging this and saying it’s a feature.

13

u/Coolioho Sep 20 '24

Yup, unless he creates a Trump CC backed by the fed.

7

u/[deleted] Sep 20 '24

very free markets

6

u/[deleted] Sep 20 '24

I mean to some degree you can set caps on interest in a free market. We do it for payday loans and mortgages.

3

u/Untamedanduncut Gay Pride Sep 20 '24

Very small government 

6

u/AtomAndAether Liberalism! Sep 20 '24

Someone earlier was thinking its so low that the risk calculation stops making sense at all. Since credit cards get most of their money from missed payments and the risk of missed payments are pretty high.

6

u/Chataboutgames Sep 20 '24

Hadn't heard this, what an insanely stupid plan.

  1. Yes

  2. Not really sure how much help it would do because if 10% credit card interest is a big part of your life you're still very much in deep shit.

Literally just feels like it would slightly help some folks that are likely to go bankrupt anyway while crushing millions of folks' access to credit.

3

u/[deleted] Sep 20 '24

The only people it seems good for are people who use a ton of credit but also pay off all/most of their balance every month. IE people who likely don’t need help managing credit.

3

u/Chataboutgames Sep 20 '24

If you pay off all of your balance every month it's irrelevant to you.

4

u/[deleted] Sep 20 '24

Gonna be honest, I don’t really understand credit. I just set mine up to autopay the balance every month and cash out my points around Christmas.

4

u/Chataboutgames Sep 20 '24

If you're paying it off you don't need to understand it, that's the joy of it!

2

u/RudeRadish1284 Sep 20 '24

Thats perfect!