They say the road to hell is paved with good intentions, which is never more true than when the government passes legislation to 'help' people.
Take the 'Affordable Care Act' for example. It was supposed to lower healthcare costs while providing more people with health insurance. Now, rates have skyrocketed, and while people have insurance -- because the government made it illegal not to have insurance -- they still can't afford healthcare.
This is another example of how the government tries to solve a problem with a 'solution' that will only make things worse:
For too long, credit card companies have abused working class Americans with absurd interest rates, trapping them in an almost insurmountable amount of debt.
— Rep. Anna Paulina Luna (@RepLuna) March 8, 2025
We need a fair solution — and that means getting rid of the status quo and putting a reasonable cap on interest rates. pic.twitter.com/lBeBbQwmAx
This is a terrible idea. This will exclude those with no or poor credit from the credit market, impact businesses who rely on consumer credit, and drive financially struggling working-class Americans into the arms of other, actually predatory lenders.
No that’s a retarded left wing idea that will actually deeply harm people and businesses that rely on consumer credit.
— Dan, Human Tetris Wizard and Guy in a Chair (@Libertybibbledy) March 8, 2025
Back when you were born though, you may not know this, but credit card interest was tax deductible. Why not bring that back instead?
Because that would make sense.
Piling up massive credit card debts is a personal choice. Please show me which Enumerated Power grants the Federal Government the authority to interfere in a private contract.
— E__Strobel (@WitCoHE_Bak) March 8, 2025
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They did something similar with home loans and crashed the market in 2008.
You do know this means that no one with under an 800 credit score will be able to access credit right? Putting a cap on any kind of price only causes shortages. But maybe that’s what you want in this case.
— Sara Higdon (@SaraHigdon_) March 8, 2025
And then the government will come along to 'fix' that problem, too.
If this bill passes, credit card companies will cancel the cards of high risk cardholders, and they will have nowhere to turn except for secured cards. Is this really the outcome you want????
— Other Brother Darrell 🇮🇱 (@d_pitz) March 9, 2025
Most of these people don't have the capital to get a secured credit card, anyway. So it makes things that much worse.
This bill would be a disaster to the credit market
— Haytham Kenway (@HaythamKenway99) March 9, 2025
Those 'abused working class Americans' would be frozen out of the credit market
Many use those credit cards to build credit, which helps them later in life be able to do things like finance a new car or buy a home
The repercussions will be long-lasting and widespread.
Say goodbye to credit cards for poor people https://t.co/pXVMVGBuT6
— Payton Alexander (@AlexanderPayton) March 8, 2025
Yes. Wave goodbye to credit cards for lower-income Americans.
Cortez is a self proclaimed socialist. Price caps are a staple of socialism. How the hell do you call yourself a republican and support this? https://t.co/lVFbjE9rMc
— Frog Capital (@FrogNews) March 8, 2025
Excellent questions.
Capping interest rates means no more lending to poor people. Congrats. https://t.co/SgiaDDfvUX
— Jared Rabel (@JradRabel) March 8, 2025
Higher interest rates is how lenders mitigate the risk of extending credit to those with poor credit histories. This will spell disaster.
There is the Stupid Party, and the Evil Party. Occasionally they come together to do something that is both stupid, and evil. This is called "bipartisanship." https://t.co/rCPU23363S
— Not-So-OK Boomer (@Rand_Simberg) March 8, 2025
This is so perfect.
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