Trump to cap credit card interest rates at 10%

[Bonkers 30,860]

The president does not have the authority to make this happen.  Congress could pass a law, but that could be struck down in court if it's ruled unconstitutional.

We gotta stop letting Trump take credit for ideas he isn't willing to do the work to actually deliver.  

If he was serious about these kinds of protections, his admin would not have shut down the Consumer Financial Protection Bureau.

[PartySick 172,484]

19 minutes ago, HEARTSTOP said:

I might be sidetracking here but I must say: facilitating credit for daily stuff might seem good but it's terrible. Look at Brazil splitting their bread bill into 6-10 monthly installments, for example. I've seen how my family could never get rid of credits because they are not well financially educated. We were damn poor even though we made enough money to live comfortably, all because credit was so accessible that my family just got it for everything without a second thought. At a certain point, all of our income would go to credits at the start of the month, and at the end of the month we had nothing to eat...but hey! at least we "had" 5 TVs and 3 cars (which were replaced as soon as the old credit was over)...

It was like that until there were finally some control measures implemented that made it harder to get a credit. Make no mistake, low or high interest, you're always losing and the banks are always winning. 

And yes, I do recognize that sometimes people have necessities that a credit can help cover, if you're responsible, but these are not as usual as one might think. Being financially educated and organised helps a lot more in the long run.

Keep in mind, this is the man who seriously suggested 50 year mortgages as a solution to housing scarcity.

His daddy's money made all his money, he has no financial sense whatsoever.