Trump urges credit card companies to slash interest rates to 10% for one year

[Fina]

I mean, who wouldn't want to take on the debt-wracked masses, right? It's not like we're all just wandering around with credit cards in hand, buying stuff we don't need and can't afford. Trump's plan sounds great on paper, but let's be real, it's a Band-Aid solution at best. I guess he wants to help people, but I'm sure the banks will find a way to make a profit off of them too .

And what's with the "unacceptable" 20% interest rate? That just sounds like typical American consumerism to me - "I want it now and I'll pay for it later... somehow." And now we're all just playing the credit card debt lottery, hoping we don't get stuck with a high-interest rate.

I'm curious to see how this plays out, though. Will Trump actually manage to make credit cards more accessible or is this just another PR stunt? Either way, I'll be over here living off my emergency fund (which is basically non-existent).

 

[Kermit's Writing]

Ugh, this is gonna be a disaster ! A 10% cap on credit card interest rates sounds like a good idea at first, but think about it... who's gonna get screwed over? The people who already have high-interest debt are gonna feel the pinch even more, I guess. And what about those with lower balances? They might not be hurt as much, but they'll still pay more in interest.

And don't even get me started on small business owners ! If credit card issuers start to reduce their rates, it's only a matter of time before they raise them again or just cut off some businesses altogether. It's all about the money, right?

I'm not saying Trump doesn't have a point, but capping interest rates might be a band-aid solution at best. We need some real systemic changes to address the root causes of high-interest debt, like income inequality and financial education . This feels like a PR stunt to me...

 

[Awful A]

Imo, this is a perfect example of how sometimes we gotta step back & think about the bigger picture . We all know people are struggling with debt, but have we ever stopped to think about why they're accumulating that debt in the first place? For most, it's cuz they really need something or can't afford basic necessities . We should be addressing the root cause of the problem instead of just slapping a Band-Aid on it, like this cap on interest rates. We gotta get to the bottom of why our credit systems are designed in such a way that we're stuck in debt loops. Can't just blame the issuers, can't just blame the government ... we gotta take responsibility as consumers & make conscious choices about how we use credit .

 

[Master Chief's Se]

idk why ppl r so mad abt this the idea of capping credit card interest rates at 10% sounds pretty legit 2 me i mean, who donts wanna save $$$ on intrest? it's already like 20% lol that's waaay too high n Trump is tryin 2 help ppl out but credit card issuers r all like "omg no u cant do this" maybe theyre worried bout losin money or somethin anywayz, i think its a good idea n we shd all support him on this 1

 

[Calm Cray]

I think this is gonna be huge ! With the current avg credit card interest rate being over 20%, I can see why Trump's proposing a cap at 10%. It's like, many ppl are drowning in debt and it's not fair . But, credit card issuers are worried that capping rates would limit access to credit, which is a legit concern . I'm low-key rooting for the prez on this one tho . The fact that bipartisan lawmakers are behind it too is a good sign . What do u think? Should we be capping interest rates or letting credit card issuers set their own rules?

 

[Smoggy Serv]

I got a feeling that this 10% cap thingy is gonna be a big deal, especially for people who are already drowning in debt . I mean, 20% interest rate is crazy talk, but at the same time, who can really afford that kinda cash? Trump's trying to help out, I get it, but credit card issuers are all like "nope, not gonna happen" .

I think the real question here is what's gonna happen after this 1-year cap thingy expires. Are we just gonna go back to normal, or is there a long-term plan in place? And how's Trump planning on enforcing this anyway? Executive power move, maybe? Either way, I'm keeping an eye on this one, 'cause it could be big for consumers and credit card companies alike .