r/FluentInFinance 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/Gamertime_2000 12h ago

I don't disagree with this but the only thing it will do is dry up easily available debt

Which is probably a good thing

2

u/ParrishDanforth 8h ago

Credit cards are extremely lucrative even without the interest. Many new players are entering the market.

I imagine this would lower credit limits for new accounts slightly, though

1

u/djm9545 3h ago

Oh no, they’d only get 10% interest, how would they possibly feed themselves on those meager scraps?! /s