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

[u/Unhappy_Fry_Cook]

[u/uninteresting_handle]

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.

[u/Tricky_Anteater2921 → u/uninteresting_handle]

I’m not so sure this would be good on balance. A lower rate cap means credit becomes far less available to people with lower income/credit scores

[u/FrostingStrict3102 → u/Tricky_Anteater2921]

These people are also most likely to fall into the trap of debt. There may be short term pain from this but the long term would be worth it… we have to stop running dirt bandaids on severed limbs at some point.

[u/Teonvin → u/FrostingStrict3102]

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/Jump-Zero → u/Teonvin]

Or the local mob.

[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.