MSN: Senator Josh Hawley, R-Mo., introduced new legislation this week to implement a federal cap on credit card interest rates as U.S. consumers rack up record-setting debt, but critics say the bill could have unintended consequences.
The proposal comes as American consumers’ credit card debt surpassed $1 trillion for the first time ever in August, with credit card interest rates rising. As of mid-August, data from LendingTree indicated that the average interest rate on new credit card offers was 24.37% – the highest since the company began tracking rates in 2019 and an increase from 24.24% the prior month.
People are just drowning in it, they are drowning in credit card debt and that $1 trillion mark is an all-time record,” Sen. Hawley told FOX Business in an interview. “And thanks to Joe Biden, more and more people are having to use their credit cards to pay for basic expenses, gas, monthly rent, they just can’t afford it month-to-month out of pocket and so if you miss a payment, you’re in big, big trouble.” more
I tweeted back at Hawley on this one, not that anyone sees my tweets… This is Big-Government idiocy, the type of stuff Biden would propose. Get government the hell out of business.
Also, every time, 100%, that the government creates laws to help the poor, those laws end up hurting the poor. 100% of the time.
LCD, you’re exactly right. I thought conservatives were all about free market principles. This guys come up with some strange shit in that past too.
We use a Visa card and a Shell gasoline card for convenience.
We pay in full each month with no interest.
A few years ago I got a business credit card. I could get one with no cash back, no air-miles, no bonuses of any kind. The interest rate was something like 2.9%. The other option had all the goodies that the other one didn’t. It was something like 22%.
As I have mentioned before, the credit card companies do not have the money they are lending. They essentially have a license from the Fed to print money and add to the deficit. We would be much better off if credit cards were used for emergencies and got paid off at the end of the month as much as possible.
How about doing something other than this bulloney.
The libtard policies are causing interest rates to go up. How about pointing that out?
…you wanna legislate something, lesgislate that it’s none of their business what their customers buy as long as they pay their bill, and they have no right to decide what is good and bad socially.
THAT is some legislation I could get behind.
Last I knew, having a credit card was a voluntary relationship between the issuer and the holder. And you can’t legislate stupidity (in this case, financial irresponsibility) away. This is a stupid idea that will have consequences — and I can’t even call them unintended consequences. And I find it hard to believe that Hawley DOESN’T understand exactly what he is doing here.
Just give everyone an unlimited credit limit, sweetheart rates, and make it no obligation to pay down. Like the federal government. In 2022, the U.S. government spent a total of 724 billion U.S. dollars on interest of public debt. 392 billion U.S. dollars was on interest for debt held by the public.
legislate a limit on the number of lawyers in america – 5% can stay for now, the other 95% have to gtfo & stay out
Sheriff: My suggestion is to have a one-payer legal system. If we did that, medical costs would drop like a rock.
the sheriff is near ^^^^My dad said for decades if you get rid of the lawyers this country would be better off. You’d also be getting rid of the politicians.
I’m all for letting the free market work. People who can’t control themselves with the card, shouldn’t have one, and the CC should freeze the card until balance is paid. When I was just starting out, using that card was a very hard lesson for me to learn – but I learned it and never fell into the trap again.
The same people who want us to pay their student loans will be racking up huge CC debt. Wait until they want us to bail them out of that, too.
Remember when we used to say thing like: there aught to be a law? Well, we grew up and NO. If the first words are, “The government should”, just say NO.
A credit card is basically an unsecured loan.
Bad idea.
Agree about keeping goobermint out of business. That never ends well. I rarely carry any CC balances. Recently I did for 2 months due to over $8,000 in veterinary bills for multiple cats. The interest rates are obscene even though I have a perfect credit score and I expect gov’t do gooders will make them worse.
Let’s stop with the make-believe free market nonsense. At least until the government isn’t printing money, increasing inflation, and suppressing the economy in multifarious ways.
For a hundred years we had usury laws in this country. And they worked well. Time to go back to them.
Who cares about the 25% interest rate when I get 2% cash back?