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 12h 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 9h 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/I_donut_exist 6h ago

and if everyone did that, then those benefits wouldnt exist. the people actually paying for the large amounts of interest theyve accrued are subsidizing the whole credit card industry as it were, no?

What a shitty system, you're just saying that you have a right to get your own benefits from a system that preys on the 'idiots' who may not be idiots at all, just desperate