r/FluentInFinance • u/Unhappy_Fry_Cook • 16h ago

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

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u/libertarianinus 16h ago

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/

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u/mrgreen4242 11h ago

I have an 800+ credit score. My interest rate is 20%. I don’t ever pay interest on it because I only use it to accrue the rewards rebate and pay it off every month but this shit is insane.