Democrats want Americans to think they are the good guys, and they and they alone care for America. They are full of stupid. Good guys finish last. Do you think that good guys would have dropped the atomic bomb? Republicans can be screwed with their ideas, go along with them and force them to vote on them or to keep their mouth shut.
Bernie Sanders Calls Trump’s 10% Interest Rate Cap On Credit Card Debt A ‘Great Idea’ As Defaults Surge To Highest Levels Since 2008: Visa, Mastercard Stocks Fall In Premarket
Major credit card companies saw their stocks decline on Monday, with Visa Inc. (NYSE: V) falling 1.05%, Mastercard Inc. (NYSE: MA) dropping 1.25%, and American Express Co. (NYSE: AXP) declining 1.24%.
“Donald Trump proposed a 10% cap on credit card interest rates. Great idea. Let’s see if he supports the legislation that I will introduce to do just that.” Sanders said wrote on X on Monday.
The proposed cap would mark a significant reduction from the current average rate of 21.5%, according to Federal Reserve data. Trump first introduced the idea during a recent campaign rally at Nassau Coliseum, where he told a crowd of 16,000 that rates of 25% to 30% were unacceptable.
The initiative comes as U.S. credit card lenders wrote off $46 billion in seriously delinquent loan balances during the first nine months of 2024, a 50% increase from the previous year, according to BankRegData.
“High-income households are fine, but the bottom third of U.S. consumers are tapped out,” said Mark Zandi, head of Moody’s Analytics. “Their savings rate right now is zero.”