What's next for the GOP? Price controls, come on down!

[jon-nyc]

https://thehill.com/business/4199871-hawley-planning-measure-to-cap-credit-cards-annual-percentage-rate-at-18-percent/

[Jolly]

Arkansas did it for many years, under Democrat administrations. Don't know if it hurt or helped them politically.

[taiwan_girl]

A lot of people are unfortunately not very finance savvy and really don't understand how much they are having to pay for credit card interest.

[Axtremus]

Hey @jon-nyc what’s that Adam Smith quote about keeping interest rates low and give credits only to the most credit worthy?

[Mik]

That's the problem with credit cards. If you're paying interest, you're subsidizing those who are not credit worthy.

[Doctor Phibes]

It was an interesting experience moving to the US. As we had absolutely no credit history, our score was awful. I tried applying for a Visa with one of the big companies, and they rejected me. Twats.

We were then inundated with offers from the sleaziest bunch of asshole companies you can imagine, with just horrendous interest rates, and awful terms and conditions. Then suddenly, once we developed a credit history, they stopped, and the big companies started sending offers. Luckily, my company has a credit union, and they gave me a card.

It was an eye-opener on what you can expect if you've got a bad credit rating. Scumbags all the way down.

Hawley's proposal would mean people with a bad score wouldn't be able to get credit. Maybe that would be a good idea, but the void would surely be filled by other lending alternatives, so the problem wouldn't go away. Better a scummy credit card than the guy in the little shop underneath the barbers with all the baseball bats.