I have managed to keep a decent credit score and yet my interest rates are still at 29%!
Interest rates should be lowered all together; at the very least rates should reflect individual credit scores.
I believe in this administration and everything that it is doing, but feel we the American people deserve to have relief and a great start to this relief would be implementing a policy that reduces credit card interest rates.
Ever ask your bank/card issuer for a better rate? Initial rates are usually set based on the program, not the individual. Call and ask! It doesn’t cost anything and might lower your rate substantially. They manage millions of accounts. You only manage one. Ask!
I agree. It’s meant to enslave people to the system!! Calling and asking them to reduce is useless. Its all about the money!
Normally I want the government to stay out of as much as possible, but one role they have is to protect the average person from predatory people. Putting a cap of say 10% would be acceptable to me.
Hopefully long term this would help get the American people back to being savers instead of spenders, and the worlds largest creditors instead of the largest debtors.
I had done this during covid and got lower rates. Unfortunately as rates rose, I found that even though having A+++ credit that the companies yet again ratcheted up my rates. This is something one has to stay on top of. As long as the prime lending rate is low, one can potentially request lower rates.