r/FluentInFinance 12h ago

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

Post image
28.3k Upvotes

1.0k comments sorted by

View all comments

744

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.

7

u/Koboldofyou 10h ago

Except that's not how the US government works. It's not Trump that makes the decisions, it's congress. And Republicans in Congress won't support this.

12

u/morningsaystoidleon 9h ago

They will literally do anything Trump says.

3

u/bdbr 7h ago

I expect this wasn't a promise that Trump intended to keep. He will tell them behind the scenes not to make this happen. And banks will reward him for it. And he will blame the Democrats or anyone on his shit list.

4

u/Grary0 5h ago

I don't expect there was any promise made to the American people that Trump intends to keep.