This NEW Credit Card NEWS Could POTENTIALLY Impact Millions of Americans

This new credit card news could potentially impact millions of Americans.

Market watch, released an article in regard to a proposal by Presidential candidate Donald Trump, to temporarily cap credit card interest at around 10%.

This is not the first time credit card interest rates and fees have been a discussion in the political arena.

In previous new credit card news videos here on Water Your Soil, I discussed articles where politicians were attempting to put caps on credit card late fees, interest as well as other fees.

While credit card interest rates being capped at around 10% could potentially benefit millions of Americans, it could also potentially have a negative impact on them as well.

I decided to make this video to share both the new credit card news, as well as give my own perspective.

If you are someone who carries credit card balances, this new credit card news should have your interest.

No matter the political party you support, this new credit card news could potentially impact you.

If you’re someone who doesn’t carry over balances, this new credit card news also could potentially impact your credit card accounts in regard to credit card rewards and credit limits.

How do you feel about this new credit card news?

#creditcard #creditcards #creditcardnews #creditcardadvice

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[SledgeIncTeam]

Good stuff as always

Heres a few points:
10% interest would be great for someone thats trying to dig out of a credit hole but 0% balance transfer cards exist.

The banks donate a lot to politicians and they dont give them money for nothing.

Just like that $8 late fee cap that never went into effect because it was blocked by a federal judge. It can just be smoke and mirrors.

[calvinwalker]

You can’t make something out of nothing. Interest rate is high for a reason because people that carry credit card debt from month-to-month are a risk for default. Banks use that interest to cover those losses and of course make a profit because you know businesses have to make a profit or they go bankrupt.

If credit card companies are forced to cut interest rate to 10% that means they’ll have to use annual fees or not approve higher risk people. I can see some credit limits being cut in the future. Being poor isn’t an excuse for credit card debt. I’ve learned the hard way that you can’t just buy something because your credit limit will support it. You have to decide can I actually afford to pay for this or should I wait.

[davidknicks]

This would limit the people getting approved for credit cards. Banks wouldnt give one to people with anything less than excellent credit

[SimplyJack]

There were caps on interest in the past. Until big banks started making deals with state politicians to lift caps so they could start issuing cards with high interest rates.

[MAJORCHANGEGROUP]

Wow, that is interesting but need to give more education regard debt. Yes, avoid credit card debt 👏I think most people will relax and not pay off the debt.

[Ragingfetus]

Love your videos man. I don’t usually comment on videos but channels like yours is why I’ve cleared my debt and improve my financial literacy. Schools don’t teach this especially to black men
Edit: I just touched above 750 fico8 :)