Credit card rates are out of control. Cap them at 20%. They should be competitive and not a thing that keeps you from ever coming out of debt.
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How about capping them at a fixed multiple or ratio to the prime rate?
I’d be totally ok with that. Interest rates have just taken the wind out of so many Americans sales. We gotta give people a chance to get out from the credit card debt and back to saving money.
It’s crazy when I was a kid there were no phones or streaming Services’s so people had money to save. Yoy had a mortgage , car payment maybe , and the rest went to the bank.
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The economy went in the tank with the Biden administration. As a 1099 who is dependent on sales for income, credit card usage increased dramatically. With barely enough income to maintain the minimum payments- this resulted in even higher debt with no light at the end of the tunnel. Anything over single digit interest rate should be against the law!!
And by all means- the rates charged by the IRS should be stopped altogether!
We are being taxed on income that has already been taxed!!
This is some indentured servitude mafia style bullshit that needs to be stopped.