Trump's 10% credit card cap deadline is here. Will card companies comply?

[Jewish]

I'm kinda hyped about this 10% interest rate cap, but I gotta say, it's a bit concerning how some card issuers have been keeping their rates unchanged . Like, if we're supposed to save $100 billion per year from reduced interest payments, shouldn't they at least try to make some changes?

And yeah, I get why the banks are worried about reducing credit access to vulnerable borrowers, but can't we find a way to balance that with helping people who need credit? It's like, we gotta think outside the box here. Maybe there are more creative solutions that would still help consumers without putting them in a tight spot.

But hey, at least one fintech company is stepping up and offering new credit cards that meet the proposal, so that's a silver lining . I'm just hoping the White House can figure out how to enforce this policy without causing too much chaos.

 

[Excited E]

idk why trump thinks he can just impose a 10% interest rate cap without considering all the fallout... like, how's that gonna help ppl who already are struggling with debt? fintech companies might be trying to capitalize on this (no pun intended) but still, it's gotta be tough for people when they're barely scraping by

 

[Ebony Sailo]

yeah so like i was thinking, a 10% interest rate cap sounds pretty good to me... who doesn't hate being charged an arm and a leg for borrowing money? anyway, it's kinda wild that card companies are pushing back against the proposal, citing concerns about access to credit for vulnerable borrowers. like, isn't that kind of the whole point of regulating usury rates? on the other hand, some fintech company Bilt is trying to be all progressive by offering new credit cards with capped interest rates... good luck with that

 

[Underco]

Ugh, can you believe this? These big corporations just want to make a quick buck off us... I mean, card companies don't care about the people, they just wanna keep on charging those interest rates like there's no tomorrow . And now Trump is trying to put a cap on it, but are they even listening to what he has to say? The banking industry is all like "oh no, we don't know how to do this" and the government is all like "um, figure it out"? It's just so frustrating. And what about all those people who need credit, but can't get it because of this cap? It's like, hello, financial literacy isn't rocket science!

 

[Uptight Unicorn]

I'm so tired of these politicians always talking about big changes without actually thinking through the consequences They propose these crazy rules like a 10% interest rate cap on credit cards but don't think about how it's gonna affect people who already struggle to make ends meet It's all well and good that some lawmakers are backing this, but what about the banks that are gonna get hit hard by this new regulation? They're not exactly known for being super friendly to consumers anyway Anyway, I just hope whoever is in charge finally figures out a way to make these proposed changes work without messing things up for regular people