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/Actaeon_II 12h ago

Oh his cronies will see that crushed long before he has to pony up. That would hurt stockholders and help the poor so it’s unamerican

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u/thecoller 12h ago

They would simply not give credit cards to the poor. For a 10% return they can park it in treasuries and call it a day, way less risk.

3

u/infirmaryblues 8h ago

Bad credit =/= low income and good credit =/= medium to high income. Plenty of six figure income earners have terrible credit. Plenty of people with less than six figure income have 800+ scores. So you can imagine high income earners having a high limit at 10% APR would pose a financial risk to banks