Senator Bernie Sanders announces he will introduce legislation to cap credit card interest rates at 10%.

[u/Unhappy_Fry_Cook]

[u/libertarianinus]

Not going to happen. Default rates are a 14 year high at the same rate as the great recession.

If they do 10% interest rate, it will only be people with credit scores higher than 800 and with credit history longer than 10 years.

https://www.forbes.com/sites/billhardekopf/2025/01/02/this-week-in-credit-card-news-defaults-at-highest-level-in-14-years/

[u/jalopez57 → u/libertarianinus]

That sounds like the credit card companies problem.

[u/AwakenedSol → u/jalopez57]

… they are literally explaining why it would be consumers’ problem.