I look forward to working with the Trump Administration on fulfilling his promise to cap credit card interest rates at 10%.
We cannot continue to allow big banks to make record profits by ripping off Americans by charging them 25 to 30% interest rates.
That is usury.
https://x.com/SenSanders/status/1857527478715031865
Traditionally for Christians (although this is associated perhaps with Muslims more today) all interests on loans was considered to be usury, I think.
Catholicism attempted to clarify some “nuances” on the teachings in the 1500s, here’s the Catholic encyclopedia on the topic: https://www.newadvent.org/cathen/15235c.htm
Honestly I don’t get the “nuances” so I advocate ideally for no interests on loaning (which is morally allowed, but possibly at a loss). Jesus even advocates as an ideal (not required) to loan without even expecting the principal back:
“But love ye your enemies: do good, and lend, hoping for nothing thereby” Luke 6:35
Obvious problems exist like enslaving the poor with interest-debts (like compounding credit card debt), or nations like our national “debt” (it’s interest payments…)
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You can downvote this for having “Trump” in the title but we should take our victories where we can. If Bernie can get Trump to support this cap then that’s a win for all of us.
yeah if we can get more bipartisan things done, let’s work together and do it
Honestly, schemes like this tend to have big bad consequences.
Force credit cards to charge only 10% interest and immediately many people will lose access to credit cards altogether, or alternatively will have to pay high annual fees regardless of their responsible use of credit, or will have tiny credit limits, or will have to provide their credit card company with the full dollar amount of their credit card prior to being given one. A final effect could be the poor who are affected going to super high interest lenders like payday loans or in the event that even those loans are regulated, even organized crime.
The problem is that unsecured credit lines like credit cards are the most likely forms of debt to be defaulted on, and if banks can’t recoup those losses, then they won’t provide the product. People can blame capitalism for this, but ultimately a similar kind of government program would need to be similarly limited lest the program just become a free money pit as many poor people assume credit cards are.
Now maybe that’s the point, and we want fewer people in less debt, and to force them to live within their means. I’m not necessarily opposed to the idea, but you can’t just do it. You’d have to change the banking and monetary system (for the better). You literally can’t have the current monetary system without debt.