I read yesterday....one of the top ten agendas for the Democrats in 2027....is to set the max credit-card rate to 10-percent.
So I have this story to tell.
1980....I had returned to the US after my first assignment overseas....arriving at Tacoma, WA. I was a E-4, and wanted a credit card (my first). I went to the base bank (something-west in the name).
The gal looked at my application and finally had the 'deal' laid out.
First, there was a limit....max of $800. Then came the yearly fee....around $80. She made it clear....the fee would drop probably in three years....when my pay advanced, and the limit would reach around $1,200. In her view....the 'deal' was not worth the cost. I walked out.
Six years would pass....while overseas in Panama....I'd finally be offered a card, with zero fees, and a $4,000 limit....but the rate? Well....18-percent.
What I noticed from the late 80s on.....the card companies relied upon the high-rate to cover their profit goal.
So looking at this Democratic agenda, and likely odds of evolution....I'll predict this.
Once the 10-percent deal is locked down....around 50-percent of all card holders in America will get a letter....the card will be locked down to a max of $1,500 of use. New card players? There's likely to be a $100 to $300 card fee to just get started. Finally, there's likely to be a creation of some 'credit-vehicle'...for the ultra rich....those making over $250,000 a year.....with a fee attached.
Don't get me wrong....I'm in favor of doing something. It's ridiculous for some idiot-gal to have $75,000 in card-debt....with a salary of only $45,000 a year.
Next up? Well....the car idiots buy a $80,000 car....with a 7-year loan...paying $1,200 a month. The Dems will come to save them as well.....making it impossible to buy any new car.