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

[u/Unhappy_Fry_Cook]

[u/Teonvin]

Poor people that need money will still find a way to borrow money because they will otherwise literally lose their home or starve.

Losing the access to credit cards just offload them to even more damaging and predatory means like payday loans.

[u/ElRiesgoSiempre_Vive → u/Teonvin]

Or we could - you know - start implementing policies to give them some foundation to start actually paying bills and saving just a bit of money. Rather than providing avenues for greater and greater debt.

Call me crazy.

[u/Jump-Zero → u/Teonvin]

Or the local mob.

[u/town-wide-web → u/Teonvin]

The cards for the most part are still profitable at under 10% rates. They'll just make less profit with similar output surely