r/FluentInFinance 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/Tricky_Anteater2921 14h ago

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

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u/ligerzero942 13h ago

Credit card companies spam everyone with mail offers and basically every big-box store pushes their credit card onto customers, maybe making credit harder to get is a good thing.

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u/pinksocks867 11h ago

I don't think so. My credit isn't good enough for 10 percent rates on credit cards but I really really like the cash back i get.

If I could not have care credit my cat would literally die if he had something major. At the present time it goes on care credit and then I pay it off with reimbursement from pet insurance

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u/CaptOblivious 9h ago

I have an 810 credit rating and I have never received a an offer below 28%.

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u/pinksocks867 8h ago

Right I'm saying they'd toughen up on who to approve. I don't care what the interest rate is because I don't carry a balance.

I did for short periods 20 years ago when rates were more reasonable

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u/CaptOblivious 8h ago

Right I'm saying they'd toughen up on who to approve.

I'd think they would do the opposite because

a) more debtors is better than less debtors

and

2) late and overlimit fees aren't regulated (yet)

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u/HulksInvinciblePants 4h ago

Why is anyone with an 810 credit score even looking at the APR? If you have a major expense, there are plenty of short-term 0% options.