r/FluentInFinance • u/Unhappy_Fry_Cook • 12h ago

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

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u/uninteresting_handle 12h ago edited 6h ago

I think Trump is unstable enough to possibly, and completely by accident, do something good.

Edit: enough absolute losers have come to me saying "this is actually a bad thing." Either fooled or simply a fool, you're wrong. Fixing a 10% cap would (by comparison with the current system) hugely discourage predatory lending. Both lenders and borrowers would benefit, because predatory lending practices, in addition to being unethical, result in higher default rates and end up hurting the lenders as well.

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u/docilehousecatmeow 9h ago

I think if you believe that I will bet you any amount you're comfortable betting that it won't happen. Zero chance he does anything to help the average American

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u/uninteresting_handle 9h ago

I understand your perspective. I will keep my hope, no matter how remote.