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The interest rates on a typical credit card today were considered predatory not too long ago. https://en.wikipedia.org/wiki/Marquette_National_Bank_of_Minneapo
by keiferski 2y ago
The interest rates on a typical credit card today were considered predatory not too long ago.
https://en.wikipedia.org/wiki/Marquette_National_Bank_of_Minneapolis_v._First_of_Omaha_Service_Corp https://en.wikipedia.org/wiki/Marquette_National_Bank_of_Min....
Nowadays “it’s bad for the economy” seems to be a reason not to do something, so reigning in the credit-based nature of everything probably isn’t going to happen.
- gruez 2y ago>Nowadays “it’s bad for the economy” seems to be a reason not to do something, so reigning in the credit-based nature of everything probably isn’t going to happen. "Nowadays"? When was the economy ever not a consideration when it comes to public policy?
- keiferski 2y agoThat’s not what I wrote. Obviously the economy has always been a factor in public policy. My point is that now, it’s the primary factor, overriding things like predatory lending rates that were previously banned by law. The link I shared has a perfect illustration: when a law capping interest rates was under consideration, the stock market took a hit and the bill was promptly forgotten. Introducing credit card interest caps, or really doing anything to curb credit card use, would almost certainly have a negative effect on consumer spending and is thus a political death sentence for anyone trying to make that happen.