September 21
8 comments
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You can’t have competition in any market when the Government trys to control it. Thanks Dustin.
“That government is best which governs least.”
“The Best government is that which governs least” there you go buddy
My guess is if there were limits placed on CC rates, people who had lower credit ratings would be denied credit. BTW, Josh is a Republican.
Government, specifically State Governments, already have laws that cap the rates that credit cards can charge. 18% is just arguing about where the line should be drawn.
So now when this passes and is implemented, the people with better credit will have to pay a higher rate to subsidize those with lesser credit because the credit card company is going to get their money… One way or another and this is yet another example of a “Middle class tax” while not taxing the middle class.
Interest rates on credit cards (and all other loans too) are based on risk of the borrower. If a cap is implemented then people with less than great credit will not be able to get a credit card. Banks will just refuse to lend to those folks. Also, people with great credit won’t care what the interest rate is because they don’t ever pay interest. They use the credit card system in a way that banks don’t like and pay off balances before interest is assessed.
History jailed individuals making loans but credit cards are accepted and worse for usurase rates