- Apr 2013
- La La Land North
IMO another example of the road to hell is paved with good intentions.WASHINGTON (Reuters) - A pair of leading liberal Democrats proposed legislation on Thursday that would cap interest rates on credit cards and other consumer loans at 15 percent to help consumers grappling with growing credit card debt.
I predict that this, if passed will make it much more difficult to qualify for a credit card and thus many people in the lower economic strata will be left without that service.
And payday loan companies, if they have any legitimate reason to exist at all would be even more selective.
We'd be back to the old joke, they only lend money to people who don't need it.
Sanders, Ocasio-Cortez propose limit on credit card interest rates - Reuters and many more.