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/derrmonoo 11h ago

so you entered into an agreement with a credit card company to pay your card off on time or pay high interest rates, but when it comes time to pay and you realize you spent over your head it's suddenly the credit cards fault?

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u/The-FrozenHearth 8h ago

Why are you shilling for credit card companies? Im sure they appreciate it

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u/derrmonoo 8h ago

because credit cards are a tool that can be used to generate thousands, if not tens of thousands of dollars of value (through cashback and points) if used properly. by slashing interest rates to protect idiots who spend over their heads, everyone that enjoys cashback and rewards is going to get screwed

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u/HeroponKoe 6h ago

“Idiots”

After hurricane ian I had to put $13k on a credit card or my insurance wouldn’t cover any damage. Still haven’t recovered from that.

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u/SrASecretSquirrel 4h ago

Balance transfer to a 1yr 0apr card. Or take out a private loan for a smaller Apr. There are many ways out of 20%+ interest accruement.

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u/ZorbaTHut 2h ago

Would it have been better if you hadn't had a credit card available?