i think this is one of those things that is plausibly net positive but Americans will absolutely hate it because they're big babies
Replies
As usual, Bernie doesn't understand anything about economics. This would make credit completely unavailable to most people. Yeah, it sucks when credit cards charge a lot of interest, but they do it because they're giving unsecured loans to people who are very likely to default.
nov 16, 2024, 5:36 am • 3 0 • view
Bernie is just trolling Trump with a campaign promise that he knows will not be followed up on.
nov 16, 2024, 6:05 am • 3 0 • view
But, more seriously as someone who is very deep in the consumer finance industry, this would result in a seismic restriction of financing tools for like 95%+ of borrowers. 10% unsecured consumer debt will lead to A TON of irresponsible levered risk taking. The 28% APR is a massive deterrent to risk
nov 17, 2024, 12:02 am • 0 0 • view
At 10% interest? Literally just buy everything on credit and make minimum payments and put all your incoming cash flow into the market at an *assumed* mid teens returns. Nothing could go wrong! (VERY not financial advice)
nov 17, 2024, 12:05 am • 0 0 • view
Look at the bright side, no more lines at airport lounges when they take all of the credit cards away from the normies
nov 16, 2024, 11:59 pm • 0 0 • view
IMO "Donald Trump does something while president and Americans hate it" is almost a net positive on its own
nov 16, 2024, 5:22 am • 1 0 • view
on the one hand it will undoubtedly block lower-income and higher-risk customers out of access to easy credit and on the other hand it will undoubtedly block lower-income and higher-risk customers out of access to easy credit
nov 16, 2024, 4:29 am • 27 1 • view
me personally i'm already mourning the loss of my free flights and hotel rooms thousands of Chase Platinum members are crying out in anguish
nov 16, 2024, 4:30 am • 16 0 • view
I'm just shocked to hear that people actually keep a balance on their credit card at the end of the month for the interest rate on it to even matter. It could be 80% for all I care I've never paid a cent of interest on it I just use it for points and credit score.
nov 16, 2024, 5:53 am • 0 0 • view