(09-26-2024 03:09 PM)Redbanksdog Wrote:  

(09-26-2024 12:31 PM)Eldonabe Wrote:  

(09-26-2024 12:09 PM)Redbanksdog Wrote:  As far as my credit card they call me a dead beat just because I carry no balance.

You are not a profitable customer.

That's a burden I'm willing to carry.

I'm the say way. They are still making money off the interchange fees.

(09-26-2024 12:01 PM)fsquid Wrote:  If you cap the rates, it just means the companies will stop issuing cards to a certain segment of the population.

Which is exactly what should happen. Too many people without the means carry new $1,000 phones, for example. Most people in this country suck with money. You don’t give kids unlimited candy because they can’t properly regulate their consumption. You don’t give adults that are bad with money unfettered access to capital they can’t manage.

Bankruptcy filings rose 23% last year and that will probably repeat that this year. You are helping people by not giving them access, not hurting them.

(09-26-2024 03:32 PM)banker Wrote:  Which is exactly what should happen. Too many people without the means carry new $1,000 phones, for example. Most people in this country suck with money. You don’t give kids unlimited candy because they can’t properly regulate their consumption. You don’t give adults that are bad with money unfettered access to capital they can’t manage.

Bankruptcy filings rose 23% last year and that will probably repeat that this year. You are helping people by not giving them access, not hurting them.

Thank you and +3

(09-26-2024 10:49 AM)BartlettTigerFan Wrote:  Sorry but credit card companies charging 20, 25, 28% and more are simply evil. I don't see a problem with forcing them to charge something reasonable.

And this is from someone that hasn't paid interest on a credit card in decades.

Regulating exccessive usury is not commie or socialist.

Only a retard would fail to get the difference and create a thread about it ....blaming Trump.

(09-26-2024 03:43 PM)shere khan Wrote:  Regulating exccessive usuary is not commie or socialist.

Only a retard would fail to get the difference and create a thread about it

Well there ya go.

(09-26-2024 08:17 AM)tanqtonic Wrote:  

(09-26-2024 05:26 AM)TigerBlue4Ever Wrote:  

(09-25-2024 08:49 PM)maximus Wrote:  I'm for people paying back what they have signed up to pay.

By all means, please direct us to your posts blasting Biden and Cumswala for trying to forgive (unconstitutionally) billions in college loans.

Also, since you're a lawyer, you should know that many states already have laws against predatory lending. Some states have banned payday loans and the like altogether. Dozens have strict laws on interest rate limits already.

Do you live under a rock?

Sent from my SM-S928U using Tapatalk

He appears to live in an alcohol induced state. It causes him to conflate issues. Capping interest rates is NOTHING like instituting price controls. It's comparing lemonade to Pappy Van Winkle's.

Interest is the price of money. Capping credit card rates is capping the price of money from a particular vendor.

It absolutely is a government price restriction…. A price cap…. A price control.

you left out the key component of "time" ... #muhDutchAndTheirTulips

(09-26-2024 12:07 PM)tanqtonic Wrote:  

(09-26-2024 12:01 PM)miko33 Wrote:  

(09-26-2024 11:52 AM)tanqtonic Wrote:  

(09-26-2024 11:44 AM)miko33 Wrote:  

(09-26-2024 11:12 AM)bobdizole Wrote:  Because someone is willing to risk their money for the potential gain of 25% back. The only thing capping interest rates is going to do is lower the amount of people that can get credit cards. Its the equivilant of the war on drugs locking up users. You are attacking a symptom rather than the cause. I'm sure there are some idiots out there that don't understand credit card debt(looking at you capital one giving out free pizzas on MTSU campus for signing up for a credit card. Freshmen bob had no business with a CC and a 2k limit) but by and large most people are using them to get by because everything is so damn expensive.

Precisely the point. Why do you think things are so expensive in the first place? If people didn't have the ability to use leverage to the level available today, the markets would be forced to adjust. Just like Kamala's plan to give money to first time home buyers, when you make money more easily accessible, markets react by prices increasing. Student loan debt made it possible for universities to jack up their tuition rates well above the rates of inflation.

And the economic growth == credit expansion as a fundamental rule in the here and now.

If you are decrying how expensive stuff is now, you should actually be a proponent massive interest rate, production drying up, economic expansion drying up, higher unemployment, and re-installing a crash in the money supply and deflation.

None of the above being a real good thing in anything more than small chunks.

By wishing for interest rate controls at lower level, you are actually supporting more expensive things across the board in a manner.

And it is absolutely clear --- shown in the experiences of the application of Mises and the Chicago School in the 80s and 90s, govt price controls and caps simply are not conducive to a vibrant economy.

Excessive leverage for private consumers is different than the government debt. The government can print money - consumers cannot. Like I said originally, interest rate caps are not the right call. However, something does need to happen on the credit card front to reign in easy credit.

Recessions suck, but they are the balancing force in a largely free market economy to correct the errors that creep in with an expansion.

Incorrect. In our current fiat system, consumers can and do print money. Every creation of credit in the banking system is a creation of money. Not physical bills, but absolutely consumers are a definite party in creating money.

I walk into a bank for a business loan -- the end result many more times than not is the bank makes an entry for a loan amount into my 'ledger' -- and a corresponding amount of money is created on the back end of the system as an insto-presto creation of wealth in the money supply.

But capital requirements limit that activity. If the government had similar limits in place it would be similar. For example, if banks could ignore or change their Tier One requirement like the government does the debt ceiling, you would have a valid take, but they can’t, so you don’t.

Right now the only thing that is keeping food on the table for many is the Credit Card. Most know about penalties and interest rates and frankly they don't care. That's why some carry more credit cards than a normal person needs.

Unfortunately, many consumers think this is free money and won't pay what they owe. This is one reason that CCs have such high interest rates because the ones that do pay every month are keeping the companies above water.

It's a miracle that when my kids were growing up that I still managed to pay my CC bills even with those high rates. When I married my second wife, (she's a business major college grad) she stopped my foolish ways and taught me that I needed to pay the whole amount at the end of the month. Like someone said, we also NEVER pay interest rates because the bank automatically pays the CC companies at the end of the month.

(09-26-2024 03:15 PM)VA49er Wrote:  

(09-26-2024 03:09 PM)Redbanksdog Wrote:  

(09-26-2024 12:31 PM)Eldonabe Wrote:  

(09-26-2024 12:09 PM)Redbanksdog Wrote:  As far as my credit card they call me a dead beat just because I carry no balance.

You are not a profitable customer.

That's a burden I'm willing to carry.

I'm the say way. They are still making money off the interchange fees.

What you have to look out for now days is a place of business that charges you that fee to use your Card there. I told my wife about this and the other day she went to some store and when she got home she looked at the receipt. There was a 4% charge for using her CC. I told her to use cash next time. One thing about this is. I think Visa has a 2 1/2% charge to the store and it goes all the way up to 4% for American Express. So if we use our Visa card the store is also making a profit off of us after they pay the Card company. I could be wrong about these numbers so if I'm wrong someone can correct me.

(09-26-2024 12:46 PM)GoodOwl Wrote:  

(09-26-2024 08:18 AM)tanqtonic Wrote:  

(09-26-2024 12:50 AM)GoodOwl Wrote:  

(09-26-2024 12:26 AM)tanqtonic Wrote:  

(09-25-2024 10:27 PM)banker Wrote:  Yeah, usury rates are already a thing and the government has long controlled them. The issue is most credit card companies are exempt from state usury laws due to the nature of their business model which involves interstate commerce. This is something they have spent millions upon millions lobbying to keep in place.

So the question is, do you believe credit card companies should be able to buy their way out of regulation on this matter?

I typically come down against price control by the government in pretty much all circumstances. I cant think of a single instance I might support it.

I also think that in addition to the above, that small concentrated market holders shouldnt abuse their market power in antitrust fashion as a counterweight. Nor should groups collude and be free to price fix amongst themselves.

The better wording of the last sentence should be "do you believe credit card companies should be regulated in the interest rates they charge"? That is the predicate question.

If the answer is yes, they should be regulated in that -- *then* your question posed becomes relevant.

does that mean you stand against a minimum wage?

Yep.

well, we agree on that, at least the way it is currently constructed and (over)regulated.

in the fiat, the min wage is nothing, but a tool used to manipulate ... it's a large portion 'why the wealth/geo gap'...

like any in a fiat, they'll realize such (soon enough) ... they'll call it another hiccup 'when' it's fully burdened...

back a dog in the corner .... #thesePuppiesWillGoWoofieWoof

(09-26-2024 03:43 PM)shere khan Wrote:  

(09-26-2024 10:49 AM)BartlettTigerFan Wrote:  Sorry but credit card companies charging 20, 25, 28% and more are simply evil. I don't see a problem with forcing them to charge something reasonable.

And this is from someone that hasn't paid interest on a credit card in decades.

Regulating exccessive usury is not commie or socialist.

Only a retard would fail to get the difference and create a thread about it ....blaming Trump.

Some price controls are commie. Some price controls are good.

Awesome distinction there shere. <slow clap>

The true retard is the one that thinks that only *some* price controls are proper.

(09-26-2024 03:56 PM)olliebaba Wrote:  Right now the only thing that is keeping food on the table for many is the Credit Card. Most know about penalties and interest rates and frankly they don't care. That's why some carry more credit cards than a normal person needs.

Unfortunately, many consumers think this is free money and won't pay what they owe. This is one reason that CCs have such high interest rates because the ones that do pay every month are keeping the companies above water.

It's a miracle that when my kids were growing up that I still managed to pay my CC bills even with those high rates. When I married my second wife, (she's a business major college grad) she stopped my foolish ways and taught me that I needed to pay the whole amount at the end of the month. Like someone said, we also NEVER pay interest rates because the bank automatically pays the CC companies at the end of the month.

actually, it is ... all that will happen forward is instead of having credit, they'll start hunting for foe-odd .... guess what happens next...

this is only the beginning...

(09-26-2024 03:32 PM)banker Wrote:  

(09-26-2024 12:01 PM)fsquid Wrote:  If you cap the rates, it just means the companies will stop issuing cards to a certain segment of the population.

Which is exactly what should happen. Too many people without the means carry new $1,000 phones, for example. Most people in this country suck with money. You don’t give kids unlimited candy because they can’t properly regulate their consumption. You don’t give adults that are bad with money unfettered access to capital they can’t manage.

Bankruptcy filings rose 23% last year and that will probably repeat that this year. You are helping people by not giving them access, not hurting them.

It won't work that way because if the companies did that the regulators would cite them for discrimination. The companies are damned if they do, damned if the don't. Basically, the govt wants to force the companies to provide the credit, but not charge for the risk.

Redbanksdog, my wife "instructed" me to not use my credit card for those stores that charge you more. Who said we were headed to a cash less society.

She was weird that way, she would drive five more miles if she could save a few pennies. I used to admonish her for that but it was ingrained into her psyche. Women are weird.

(09-26-2024 04:19 PM)olliebaba Wrote:  Redbanksdog, my wife "instructed" me to not use my credit card for those stores that charge you more. Who said we were headed to a cash less society.

She was weird that way, she would drive five more miles if she could save a few pennies. I used to admonish her for that but it was ingrained into her psyche. Women are weird.

once they began asking, "cash or credit", I did what I've always done ... pulled out the 'wad' ...

fk plastic unless circumstances mandate such...

(09-26-2024 04:14 PM)VA49er Wrote:  

(09-26-2024 03:32 PM)banker Wrote:  

(09-26-2024 12:01 PM)fsquid Wrote:  If you cap the rates, it just means the companies will stop issuing cards to a certain segment of the population.

Which is exactly what should happen. Too many people without the means carry new $1,000 phones, for example. Most people in this country suck with money. You don’t give kids unlimited candy because they can’t properly regulate their consumption. You don’t give adults that are bad with money unfettered access to capital they can’t manage.

Bankruptcy filings rose 23% last year and that will probably repeat that this year. You are helping people by not giving them access, not hurting them.

It won't work that way because if the companies did that the regulators would cite them for discrimination. The companies are damned if they do, damned if the don't. Basically, the govt wants to force the companies to provide the credit, but not charge for the risk.

As a person who approved and denied billions in credit over 30 years, I can tell you that’s not true. If you have documented, objective, criteria for your decision process you’re fine.

(09-25-2024 08:30 PM)tanqtonic Wrote:  https://www.cnbc.com/2024/09/24/trump-cr...arris.html

Quote:"We’re going to put a temporary cap on credit card interest rates,” the Republican presidential nominee said at a rally in New York on Wednesday.

Cant wait to hear all the anti-communists and anti-socialists here support this gem from their guy....

My opinion ---- even *more* brain dead, idiotic, and explicitly more left wing than Kamala's federal anti-gouging suggestion.

Quite the champion of business. I havent heard a fktard proposal of explicit price caps on anything in a long time -- kind of equivalent to the long time idiot idea of rent control.

lol---you do realize that usury laws have been a part of America since before the inception of the United States. Somehow capitalism has survived it.

As I said before---your getting one or the other. If the Orange Man made you big sad with his "price control" on interest rates (which is still twice to 3 times the treasury rate), your just gunna luv Mamala's cradle to grave "Social Equity" Socialist banquet served with a tasty Green New Deal sauce on the side.

lol....that reminded me of Soylent Green----"Its people"!!!!

(09-26-2024 04:27 PM)Attackcoog Wrote:  

(09-25-2024 08:30 PM)tanqtonic Wrote:  https://www.cnbc.com/2024/09/24/trump-cr...arris.html

Quote:"We’re going to put a temporary cap on credit card interest rates,” the Republican presidential nominee said at a rally in New York on Wednesday.

Cant wait to hear all the anti-communists and anti-socialists here support this gem from their guy....

My opinion ---- even *more* brain dead, idiotic, and explicitly more left wing than Kamala's federal anti-gouging suggestion.

Quite the champion of business. I havent heard a fktard proposal of explicit price caps on anything in a long time -- kind of equivalent to the long time idiot idea of rent control.

lol---you do realize that usury laws have been a part of America since before the inception of the United States. Somehow capitalism has survived it.

As I said before---your getting one or the other. If the Orange Man made you big sad with his "price control" on interest rates (which is still twice to 3 times the treasury rate), your just gunna luv Mamala's cradle to grave "Social Equity" Socialist banquet served with a tasty Green New Deal sauce on the side.

lol....that reminded me of Soylent Green----"Its people"!!!!

Tell me where I have ever uttered a word of support for the cradle to grave socialist banquet.

I realize there have been usury laws. I also realize there were blue laws in Texas that forbade the sale of just about everything on a Sunday. I dont use the historical existence of those blue laws and 'hey, they didnt destroy America' as present support for them.

The historical existence of either really doesnt enter into whether I think either one is proper or correct.

Price controls are price controls. Rent control, interest rate caps, minimum wage --- they are all 'socialistic' in nature.

When you discount minimum wage and some places that have rent control - I cant think of very many price controls that have great effect. The effect of the Marquette case and DIDCMA blew the enforcement of credit card and banks for usury issues out of the water.

So no -- state usury laws for the most part are a joke and ineffectual.

Again, price controls are price controls. Price controls are part and parcel of socialist and communist ideology. That persuasion being the verbal calling catcall of today's Republicans.

And what does Trump do? Proposes massive price controls on consumer credit. Right in line with the hard righties of Sanders and Durbin. Really laughable in my opinion, given that Trump is now parroting Durbin and Bernie, all the while railing like a banshee about commies. Really kind of funny when you think about it.

(09-26-2024 04:23 PM)stinkfist Wrote:  

(09-26-2024 04:19 PM)olliebaba Wrote:  Redbanksdog, my wife "instructed" me to not use my credit card for those stores that charge you more. Who said we were headed to a cash less society.

She was weird that way, she would drive five more miles if she could save a few pennies. I used to admonish her for that but it was ingrained into her psyche. Women are weird.

once they began asking, "cash or credit", I did what I've always done ... pulled out the 'wad' ...

fk plastic unless circumstances mandate such...

You should be in awe of plastic. It got you four bottles of long distance hooch in two years....

(09-26-2024 05:01 PM)tanqtonic Wrote:  

(09-26-2024 04:27 PM)Attackcoog Wrote:  

(09-25-2024 08:30 PM)tanqtonic Wrote:  https://www.cnbc.com/2024/09/24/trump-cr...arris.html

Quote:"We’re going to put a temporary cap on credit card interest rates,” the Republican presidential nominee said at a rally in New York on Wednesday.

Cant wait to hear all the anti-communists and anti-socialists here support this gem from their guy....

My opinion ---- even *more* brain dead, idiotic, and explicitly more left wing than Kamala's federal anti-gouging suggestion.

Quite the champion of business. I havent heard a fktard proposal of explicit price caps on anything in a long time -- kind of equivalent to the long time idiot idea of rent control.

lol---you do realize that usury laws have been a part of America since before the inception of the United States. Somehow capitalism has survived it.

As I said before---your getting one or the other. If the Orange Man made you big sad with his "price control" on interest rates (which is still twice to 3 times the treasury rate), your just gunna luv Mamala's cradle to grave "Social Equity" Socialist banquet served with a tasty Green New Deal sauce on the side.

lol....that reminded me of Soylent Green----"Its people"!!!!

Tell me where I have ever uttered a word of support for the cradle to grave socialist banquet.

I realize there have been usury laws. I also realize there were blue laws in Texas that forbade the sale of just about everything on a Sunday. I dont use the historical existence of those blue laws and 'hey, they didnt destroy America' as present support for them.

The historical existence of either really doesnt enter into whether I think either one is proper or correct.

Price controls are price controls. Rent control, interest rate caps, minimum wage --- they are all 'socialistic' in nature.

When you discount minimum wage and some places that have rent control - I cant think of very many price controls that have great effect. The effect of the Marquette case and DIDCMA blew the enforcement of credit card and banks for usury issues out of the water.

So no -- state usury laws for the most part are a joke and ineffectual.

Again, price controls are price controls. Price controls are part and parcel of socialist and communist ideology. That persuasion being the verbal calling catcall of today's Republicans.

And what does Trump do? Proposes massive price controls on consumer credit. Right in line with the hard righties of Sanders and Durbin. Really laughable in my opinion, given that Trump is now parroting Durbin and Bernie, all the while railing like a banshee about commies. Really kind of funny when you think about it.

what you are failing to recognize is the failed fiat state in general ... this is why I'm in favor of tariffs .... even the domestic version (they're not talking about that vers., yet)

welcome the r(e)aping...

disclaimer: I do agree with (your take) capping ... that's just stupid in any version ... however, this is what happens when the USD is different vs. geo...

#capiche?! #equilibrium