Theres about 0% chance of this happening without something totally catastrophic being bundled alongside it, like allowing creditors to come into debtors homes and beat them with sticks.
I’d consider taking one beating vs 25% interest forever.
I’m thinking they want to put discharging debt on the chopping block.
Strange how every time somebody takes an idea Republicans spouted that would actually help people, and decide to run with it, conservatives suddenly aren’t so keen on the idea anymore.
What about this makes you think they aren’t? Let’s be real, Trump hasn’t even had a chance to renege on this promise yet, since he won’t be president for another two months.
What about this makes you think they aren’t?
Because he’s a compulsive liar and a Republican.
Even 10% is absolutely insane, especially with the ability to directly syphon their income.
What that would actually mean is a complete lock-out on credit cards for the poor.
I don’t see that as a real problem. Because as it is now, credit cards are something poor people should avoid at all costs.
No, it’s a thing idiots should avoid at all costs.
A card with a 2% reward across the board(Fidelity for instance) can be used as a proxy for your debit card week to week.
It builds my credit, gives me a group of attack dogs to sic on anyone who rips me off, and gives me a cushion if I ever need it. If you never exceed your expenses and never reach beyond your means, it’s no different in consequence than paying with anything else, with a little added bonus credit and reward.
It’s people and their lack of self control that ruin credit cards.
I would expect a massive nerf/devaluation of rewards if there’s no poor people getting exploited.
I say this as someone who pays for all his family vacations almost entirely with points. About every year and a half. This time was Texas for the eclipse. Before that it was Disney world for my kids 5th birthday. Before that was COVID times and I used my points to buy hardwood floors that I installed throughout my house. Before that it was SC for the eclipse.
Absolutely banks will cut rewards, I know that when there was a law attempting to cap/eliminate late fees banks I am close to were discussing how they would offset the losses and rewards were on the block for that. That law is held up in Texas courts right now so the banks so far haven’t had to worry about it
While I do feel a sense of involvement in their exploitation by being a part of this system, I’m not going to feel bad for anyone who can’t follow the simple rules of the game.
Where’s the line between exploitation and personal fault? I can’t expect everyone who’s ever owned a credit card to have been put in the same situation where it’s the only way. For all I know, my last reward points trickled down from some asshat who financed a car on unemployment.
Oh God, who will the Credit Card companies exploit?!
Considering how many Americans have crippling credit card debt, especially poor people, would that be worse? I’m sure they’d still offer those credit builder cards with low limits that you have to deposit collateral for the limit.
I’d expect a lot more use of buy now pay later schemes like Klarna.
It’s similar to a credit card, but prevents build up of crippling debt.
I personally use my credit card and pay in full each month, not because I need the credit, but because in the UK you get the benefit of Section 75 protection on purchases. I’ve used that a few times when companies have gone bust. If I’d paid on debit card I’d have been screwed.
Buy now, pay later does not prevent crippling debt. It makes it easy to buy without thinking or realising the actual cost. It makes is easy to stack up invoices that you in the end can’t afford.
Don’t Americans have a thing called Credit Score. If you are not paying off debt you don’t build up a score and good luck getting a mortgage without one.
Credit balances don’t negatively impact credit scores as much as one would think. It’s ultimately a combination of factors that go into an overall credit score with the heaviest hitter being payment history. If one makes all of their payments they can have a decent credit score despite carrying a 10k balance. Carrying a balance of greater than 30% of the limit will detract significantly from the overall score, but it won’t knock it below “decent” range on its own.
I’m honestly not even sure how one actually gets their score below 500. My wife got a head injury and physically could not remember whether or not she’d paid her credit cards a couple of years ago, so they ended up becoming delinquent and going to collections. Ultimately it dropped her credit score to about 500 but then it started climbing back up from the car loan and mortgage that are in both of our names and is almost up to 700 again. I seriously want to know how people manage to get their scores down to the 300s (the floor is 300) because you basically have to try in order to get your score that low. A friend of a colleague managed such a feet and then had some identity theft which actually improved his credit score because it looked more like normal credit activity than his real credit activity
It’s a combination of factors. Having debt itself isn’t as important as payment history, age of accounts, etc. Credit card debt is probably the opposite of helpful; paying off a card every month in full for a long time is much more useful.
Sure, if we presuppose that credit cards exist as a way for a middleman company to make a huge profit and pay their CEO tens of millions of dollars annually. If we instead consider them a regulatable utility, the necessary rates for viable operation go pretty far down. The business model of “convenience is free or even costs less than cash for those who already have plenty, and this convenience is funded by the destitute who are being held down by the exact same people” is also suspect to begin with, and I’d rather DiSrUpT tHe EcOnOmY than remain complicit, which I am
Actually asking, not rhetorical: if poor people are already getting charged based on what they can afford, would this policy exert a downward force on prices?
So way less financing options, slightly more buying outright?
Problem is the assumption that prices would go down if some people cannot afford it.
Whats happening instead is people going hungry and homeless.
The reason for this is that Supply:Demand Equilibrium is further up in price range where fewer sales at higher value yields the maximum profit.
Doubt.
Hey biscuit
You forgot the butter.
Trump lied, he serves the rich bankers
It doesn’t matter if he lied. Whenever he accidentally says the correct thing, he needs to be praised. That’s how you get him to do stuff. Bernie has the right idea here. Pat this dumb motherfucker on the back and make him feel smart every time he has a broken-clock moment. That way he’ll follow through.
Didn’t Democrats literally just take him to court over fleecing those bankers by overvaluing his own properties in order to qualify for a lower interest rate? What exactly makes you think he’s in bed with them?
Ok, time and place Mr biscuit?
You can call me Pooh bear. It’s gonna be honey butter.
Say goodbye to rewards cards if this happens.
Goodbye. Now give me the 10%.
As someone who has never paid a dime in interest on any card I’ve ever had, and shops around for the best reward options… Yeah, give us the 10%!
Do you realize that you can pay 0% if you pay a card in full, and still get the reward?
Why are you trying to take something away from me just because you’re terrible with money?
Come on, not OP but we both know credit cards disproportionately fuck over the poor. Sometimes necessary expenses surprise you and you don’t have any other choice. Personally I have great credit and 1 continually paid-off credit card but I’m not gonna pretend it’s a moral failing if you don’t. I know of a card that has a 40.99% interest rate here in Canada because it’s marketed towards poor people with bad credit.
Capitalism targets the weak, but let’s not take away that guy’s 1% cash back (3% on groceries if you activate now!!)
Shiny piece of candy over here!
Look here! Shiny!
NO! Don’t look anywhere else. Look here, Shiny piece of candy!
That’s what a credit card is doing. Many, many people fall for the shiny piece of candy trick.
Fuck your Shiny candy, fuck your tooth decay. Give me 10% capped for everyone.
Tell me why Visa and Mastercard make so much profit per quarter… (it might mean their execs now have to travel coach and stay in only 3* hotels. Boo hoo).
They shouldn’t exist in the first place.
The space for them exists within the monology over transactions that shouldn’t generate margins that high.
If the mechanism by which I get 1% cash back is that it directly comes from the poor…good. this is a good thing. You are a bad person if you think it’s not.
Technically, the cashback they pay you likely comes directly out of the transaction fees they collect, which means that after expenses (for running the infrastructure etc.), they make little to no profit on swipes. Which means they have to make profit somewhere else, which, you guessed it, is fleecing those who don’t pay their balance off every month for as much as they can get away with.
Nah. Rewards cards live and die on transaction fees. They generally go to people with credit knowledge that know to pay off the card at the end of the month.
Transaction AND interchange++ fees.
This is why many shops won’t take AMEX cards: 3.95% transaction fee! GTFO
I mean that’s certainly a possibility but if it helps some people get out of debt, I won’t be mad about it.
Wow, Bernie is willing to work with actual Hitler?? ( ͡° ͜ʖ ͡°)
I read this more as “put up or shut up”. The donvict spews forth floods of verbal diarrhea, hoping no one is willing to look too closely or even remember the specific colors and chunks. This is Bernie fishing out a juicy chunk and saying: let’s go
I agree with you, but did you really have to use the phrase “fishing out a juicy chunk” in the context of diarrhea?
I know right?
LOL, Bernie knows that’s never going to happen. He’s just reminding the world of an empty promise that trump made, and openly offering his help so that Trump can’t say the Democrats blocked him. He’ll still say it, but there will be readily available evidence to the contrary, not that that’s ever mattered before.
Trump Admin: Cap interest rates at 10%, but also we repeal the thirteenth amendment.
Democrats: No! What is wrong with you?!
Republicans: DEMONRATS WON’T WORK WITH US TO CAP INTEREST RATES AND ALSO THEY DRINK SMOOTHIES MADE OF BABIES!
Republican Voting Base: [Thunderous applause. 90% voter turnout. 99% voter loyalty.]
Everyone Else: I dunno, both parties seem the same. [Sub-50% voter turnout. Interfactional backstabbing intensifies.]
I know Bernie is being polite and playing politics, but let’s be honest: Trump keeping this promise is about as likely as Hell freezing over.
It’s not polite, it’s calling him out. Trump will say/lie about anything. At one point Trump said exactly this. He didn’t mean it, he just said some shit.
Bernie is repeating his own words because occasionally Trump says something good without any intent to follow up.
So Bernie is taking him at his word. He knows Trump will never do it, but if he can call the hypocrite out and trick him into agreeing, why not?
To want to talk about 4D Chess? There it is.
I guess we’ll see, but I think we can all appreciate his willingness to go straight to brass tacks and hold Trump’s feet to the flame while the entire Democrat Party leadership is still busy clutching their pearls.
That’s Bernie for ya!
Yeah I was gonna say this reads like “no balls”
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If you somehow failed to detect the sarcasm that comment was absolutely dripping with, that’s on you.
Bernie calling out bullshit yet again.
Goddamn I fucking love Bernie.
Somehow I don’t think Mr “Pro-Business” will hamper banks’ efforts to fleece us.
Trump promises require GOP to back him up to ever get close to being implemented. GOP have always voted against bank regulation/extortion limiting. People earning tips are not big GOP donors, so fuck them. Taxes on SS are only paid by richest SS earners, but GOP have been going around on trying to get overall SS cuts.
Any promise not Project 2025 is politician lip moving meant to bring Project 2025.
Since trump’s party controls the entire gov right now he is going to be pissed when he learns he can’t blame his failures on the dems for most of the country.
He absolutely still can, his voting bloc is full of low information voters that just want validation for the racist/misogynistic hate they feel
Key dem senators were bribed to sabotage Biden’s climate and other agendas. Confirmations for any anti pharma/war cabinet picks are certainly bribable. Gaetz is no problem, even if fuss made, though. There is some hope that the stupidity of destroying EVs and IRA gets blocked. Spending $1T to deport millions is going to have lobbyists intervene too.
Watch him do it anyway.
I hope you are wrong
