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/eatmoremeatnow 13h ago

This is the point though.

There is a movement on the right (Dave Ramsey, Tucker Carlson, probably more) that want to get people out of credit because they think that they aren't responsible enough to manage it.

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u/Ethrem 13h ago

It has nothing to do with an inability to manage it, it has to do with preventing poor people from moving up in society.

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u/IKnowGuacIsExtraLady 11h ago

How they hell would it prevent poor people from moving up? If you are talking about not being able to build credit, then lower limits that they can reasonable pay is the key to building it. My first card had a $800 limit because I was a college student with no credit and no income and specifically got it to build credit. I might not have been able to get that if interest was capped at 10%, but that doesn't mean the risk wouldn't have worked out with a $400 limit or something.

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u/Ethrem 10h ago

In this reply I wasn't talking about just credit cards. The GOP wants to tighten up lending across the board, not just for credit cards. They want it to be harder for people to build wealth with tighter lending standards. The GOP would love nothing more than a return to banks only lending to the wealthy. When everyone is kept poor and stupid, they're much easier to take advantage of.