Quote:Democratic presidential candidate Bernie Sanders and Representative Alexandria Ocasio-Cortez accused banks of acting as “modern-day loan sharks” and called on Congress to enact a federal limit of 15% on credit card interest rates.

The two self-identified democratic-socialists are set to propose legislation on Thursday capping rates on credit card and other consumer loans and letting post offices offer low-cost basic financial services, such as loans and checking and savings accounts.

Sanders, Ocasio-Cortez Propose 15% Cap on Credit Card Interest

I wonder if either of these two realize the result of this legislation would be the extinguishing of debt to those that would otherwise qualify for such debt? Credit is priced based primarily on repayment risk. If that risk can't be priced in via the rate, then the credit simply will not be made. We already know AOC doesn't understand taxes given her Amazon debacle and now we see she doesn't understand banking.

And hope we never get double-digit inflation again and the fed sets the rate at 20% like it did in 1980.

(05-09-2019 11:44 AM)copycat Wrote:  And hope we never get double-digit inflation again and the fed sets the rate at 20% like it did in 1980.

Did you see the part of the the legislation proposal where AOC and Bernie want the US Post Office to provide banking products?

I know this has little to zero chance of going anywhere but proposals like this show just how ignorant these two are.

(05-09-2019 11:26 AM)VA49er Wrote:  

Quote:Democratic presidential candidate Bernie Sanders and Representative Alexandria Ocasio-Cortez accused banks of acting as “modern-day loan sharks” and called on Congress to enact a federal limit of 15% on credit card interest rates.

The two self-identified democratic-socialists are set to propose legislation on Thursday capping rates on credit card and other consumer loans and letting post offices offer low-cost basic financial services, such as loans and checking and savings accounts.

Sanders, Ocasio-Cortez Propose 15% Cap on Credit Card Interest

I wonder if either of these two realize the result of this legislation would be the extinguishing of debt to those that would otherwise qualify for such debt? Credit is priced based primarily on repayment risk. If that risk can't be priced in via the rate, then the credit simply will not be made. We already know AOC doesn't understand taxes given her Amazon debacle and now we see she doesn't understand banking.

How about this.

Why don't the gruesome twosome suggest that if you don't like the interest rate on a credit card, DON'T USE THE CREDIT CARD!!!

No one is forcing people to rack up debt on high interest cards.

But I know, personal responsibility = BAD

(05-09-2019 12:06 PM)BadgerMJ Wrote:  

(05-09-2019 11:26 AM)VA49er Wrote:  

Quote:Democratic presidential candidate Bernie Sanders and Representative Alexandria Ocasio-Cortez accused banks of acting as “modern-day loan sharks” and called on Congress to enact a federal limit of 15% on credit card interest rates.

The two self-identified democratic-socialists are set to propose legislation on Thursday capping rates on credit card and other consumer loans and letting post offices offer low-cost basic financial services, such as loans and checking and savings accounts.

Sanders, Ocasio-Cortez Propose 15% Cap on Credit Card Interest

I wonder if either of these two realize the result of this legislation would be the extinguishing of debt to those that would otherwise qualify for such debt? Credit is priced based primarily on repayment risk. If that risk can't be priced in via the rate, then the credit simply will not be made. We already know AOC doesn't understand taxes given her Amazon debacle and now we see she doesn't understand banking.

How about this.

Why don't the gruesome twosome suggest that if you don't like the interest rate on a credit card, DON'T USE THE CREDIT CARD!!!

How dare you sir.. How dare you tell people they can't afford something that they can't have it.

(05-09-2019 11:48 AM)VA49er Wrote:  

(05-09-2019 11:44 AM)copycat Wrote:  And hope we never get double-digit inflation again and the fed sets the rate at 20% like it did in 1980.

Did you see the part of the the legislation proposal where AOC and Bernie want the US Post Office to provide banking products?

I know this has little to zero chance of going anywhere but proposals like this show just how ignorant these two are.

Oh yeah I saw that and laughed too. That's a total riot.

While it has zero chance of passing right now, how long until there's total Democrat control again? Last time that happened we got the monstrosity that is ACA/Obamacare.

I really wish these two would share with the rest of the world what it is they are smoking.

If this happens then the credit card companies will get accused of being racist and discriminatory due to massive changes in lending practices

(05-09-2019 12:26 PM)solohawks Wrote:  If this happens then the credit card companies will get accused of being racist and discriminatory due to massive changes in lending practices

Or they'll just give everyone at 15% credit rate... good credit or bad. See that's not discriminatory!

(05-09-2019 12:31 PM)copycat Wrote:  

(05-09-2019 12:26 PM)solohawks Wrote:  If this happens then the credit card companies will get accused of being racist and discriminatory due to massive changes in lending practices

Or they'll just give everyone at 15% credit rate... good credit or bad. See that's not discriminatory!

Not everyone. Those with lower credit scores simply won't get credit.

Socialists always trying to mess with free enterprise.

(05-09-2019 11:44 AM)copycat Wrote:  And hope we never get double-digit inflation again and the fed sets the rate at 20% like it did in 1980.

Exactly, at a minimum, they would need to set it at Prime + X%, not just a static number, but since when were socialists good at economics.


While we are up to stupid ideas...let's bring back getting rid of student loans through quantitative easing. Jill Stein, where you at?

(05-09-2019 12:08 PM)gdunn Wrote:  

(05-09-2019 12:06 PM)BadgerMJ Wrote:  

(05-09-2019 11:26 AM)VA49er Wrote:  

Quote:Democratic presidential candidate Bernie Sanders and Representative Alexandria Ocasio-Cortez accused banks of acting as “modern-day loan sharks” and called on Congress to enact a federal limit of 15% on credit card interest rates.

The two self-identified democratic-socialists are set to propose legislation on Thursday capping rates on credit card and other consumer loans and letting post offices offer low-cost basic financial services, such as loans and checking and savings accounts.

Sanders, Ocasio-Cortez Propose 15% Cap on Credit Card Interest

I wonder if either of these two realize the result of this legislation would be the extinguishing of debt to those that would otherwise qualify for such debt? Credit is priced based primarily on repayment risk. If that risk can't be priced in via the rate, then the credit simply will not be made. We already know AOC doesn't understand taxes given her Amazon debacle and now we see she doesn't understand banking.

How about this.

Why don't the gruesome twosome suggest that if you don't like the interest rate on a credit card, DON'T USE THE CREDIT CARD!!!

How dare you sir.. How dare you tell people they can't afford something that they can't have it.

I know. I'm also from that old school that thinks if you want more than the basics, get a job.....

(05-09-2019 12:56 PM)BadgerMJ Wrote:  

(05-09-2019 12:08 PM)gdunn Wrote:  

(05-09-2019 12:06 PM)BadgerMJ Wrote:  

(05-09-2019 11:26 AM)VA49er Wrote:  

Quote:Democratic presidential candidate Bernie Sanders and Representative Alexandria Ocasio-Cortez accused banks of acting as “modern-day loan sharks” and called on Congress to enact a federal limit of 15% on credit card interest rates.

The two self-identified democratic-socialists are set to propose legislation on Thursday capping rates on credit card and other consumer loans and letting post offices offer low-cost basic financial services, such as loans and checking and savings accounts.

Sanders, Ocasio-Cortez Propose 15% Cap on Credit Card Interest

I wonder if either of these two realize the result of this legislation would be the extinguishing of debt to those that would otherwise qualify for such debt? Credit is priced based primarily on repayment risk. If that risk can't be priced in via the rate, then the credit simply will not be made. We already know AOC doesn't understand taxes given her Amazon debacle and now we see she doesn't understand banking.

How about this.

Why don't the gruesome twosome suggest that if you don't like the interest rate on a credit card, DON'T USE THE CREDIT CARD!!!

How dare you sir.. How dare you tell people they can't afford something that they can't have it.

I know. I'm also from that old school that thinks if you want more than the basics, get a job.....

How.. dare... you sir. or xir.. or whatever.

(05-09-2019 12:34 PM)VA49er Wrote:  

(05-09-2019 12:31 PM)copycat Wrote:  

(05-09-2019 12:26 PM)solohawks Wrote:  If this happens then the credit card companies will get accused of being racist and discriminatory due to massive changes in lending practices

Or they'll just give everyone at 15% credit rate... good credit or bad. See that's not discriminatory!

Not everyone. Those with lower credit scores simply won't get credit.

Oh no, that would be discriminatory. And that isn't allowed. So you see, if you give everyone the same rate, all is equal!

Of course, this means those with good credit are punished, and those with bad credit are rewarded. And if you punish bad behavior, you get less of it. But that doesn't matter to the socialists!

(05-09-2019 12:58 PM)copycat Wrote:  

(05-09-2019 12:34 PM)VA49er Wrote:  

(05-09-2019 12:31 PM)copycat Wrote:  

(05-09-2019 12:26 PM)solohawks Wrote:  If this happens then the credit card companies will get accused of being racist and discriminatory due to massive changes in lending practices

Or they'll just give everyone at 15% credit rate... good credit or bad. See that's not discriminatory!

Not everyone. Those with lower credit scores simply won't get credit.

Oh no, that would be discriminatory. And that isn't allowed. So you see, if you give everyone the same rate, all is equal!

Of course, this means those with good credit are punished, and those with bad credit are rewarded. And if you punish bad behavior, you get less of it. But that doesn't matter to the socialists!

If that's the case then those with terrible credit will only get cash secured credit cards, at 15%.

It's amazing that all I would say has been captured here... but Bernie and AOC (and their voters) still won't get it.

Why would anyone need credit if everything is free?

(05-09-2019 01:08 PM)VA49er Wrote:  

(05-09-2019 12:58 PM)copycat Wrote:  

(05-09-2019 12:34 PM)VA49er Wrote:  

(05-09-2019 12:31 PM)copycat Wrote:  

(05-09-2019 12:26 PM)solohawks Wrote:  If this happens then the credit card companies will get accused of being racist and discriminatory due to massive changes in lending practices

Or they'll just give everyone at 15% credit rate... good credit or bad. See that's not discriminatory!

Not everyone. Those with lower credit scores simply won't get credit.

Oh no, that would be discriminatory. And that isn't allowed. So you see, if you give everyone the same rate, all is equal!

Of course, this means those with good credit are punished, and those with bad credit are rewarded. And if you punish bad behavior, you get less of it. But that doesn't matter to the socialists!

If that's the case then those with terrible credit will only get cash secured credit cards, at 15%.

Oooh I forgot about those. Wonder how long it would before those are banned too?

I do agree with her on one thing, that the rates are high and don't seem to have any wiggle room for people even with excellent credit.

My scores are ~780. I've since paid it off, but like most of us have done from time to time, I was in the habit of racking up debt, and not paying it off in full, and ran up some balances.

Anyway, I called Discover once and asked them about lowering my rate, referencing my great credit and flawless payment history. At first, they acted like I was crazy. Then, they told me to hold while they talked with whoever, and came back and offered to drop it from like 21.99% to 21.75%. I don't remember what exactly the rates were, but the decrease was a quarter of 1 percent. It was insulting.

I cancelled the card.