Congresswoman Anna Paulina Luna (R-FL) is working with Congresswoman Alexandria Ocasio-Cortez (D-NY) to cap credit card interest rates at 10%. ——— I’ve been thinking about this proposed 10% cap on credit card interest rates, and I’m not totally against it—but man, the chilling effect it could have is something I don’t think enough people get. The reality is, when you limit rates that low, you’re not just handing everyone a cheaper credit card. You’re shrinking who gets one at all.

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2025-03-11 16:41

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deus.vult71

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幾秒內	deus.vult71	Banks aren’t charities; they’ll tighten up, offering cards only to the most qualified—think high credit scores, steady income, no late payments. If you’re cool with fewer cards floating around, this might do the trick. I don’t carry a balance, so it’s no skin off my back, but tons of Americans do. Maybe it’s better they don’t rack up debt they can’t handle—but it’s not as simple as “yay, lower rates for all.” You’ll probably see banks canceling cards left and right.