These 10% cards would probably be issued to people who are a “good risk” negating anyone in trouble and would not be helpful to people who really need them! I’m sure there would be a run on these cards from people who pay their bills in full every month thereby defeating their purpose!
Everything has pros and cons. As mentioned in a previous comment, only those that pay their cards off every month will qualify. But I can see that credit cards will cease the 0% for 15 months cards which will not help me in anyway. 10% credit cards and a $15-20 minimum wage are just aimed at people that don’t understand how to work the system. For instance, minimum wage is for kids that are working at McDonald’s and the such. Minimum wage is not for people that are raising families and buying cars! Same with this 10% cap, the only people it will help are the ones that don’t pay their debts while us that have good credit will be penalized. Just my opinion.
I know for myself under Biden and currently we have horrible credit card debt when under Trump’s first term we had none! It seems what we had in savings switched to what we now owe in credit card debt. We are not unique in this sadly.
These 10% cards would probably be issued to people who are a “good risk” negating anyone in trouble and would not be helpful to people who really need them! I’m sure there would be a run on these cards from people who pay their bills in full every month thereby defeating their purpose!
Another step to Trump’s parallel economy. Much like the ERS(External Revenue Service). What we are seeing is the paradigm shift.
Everything has pros and cons. As mentioned in a previous comment, only those that pay their cards off every month will qualify. But I can see that credit cards will cease the 0% for 15 months cards which will not help me in anyway. 10% credit cards and a $15-20 minimum wage are just aimed at people that don’t understand how to work the system. For instance, minimum wage is for kids that are working at McDonald’s and the such. Minimum wage is not for people that are raising families and buying cars! Same with this 10% cap, the only people it will help are the ones that don’t pay their debts while us that have good credit will be penalized. Just my opinion.
Very good points.
Don’t see it working for the majority. They will demand more than the vast majority can provide in order to qualify.
I know for myself under Biden and currently we have horrible credit card debt when under Trump’s first term we had none! It seems what we had in savings switched to what we now owe in credit card debt. We are not unique in this sadly.