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If credit card rates are thought to be acting in a predatory manner, Congress needs to act.
~
So Trump now wants to dictate credit card interest rates (by capping them all at 10%) since he is feeling political heat.
But ironically, Trump et al. have been trying to dismantle means of consumer protection (like regulation) right from the beginning of his second term.
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#MyThoughts #finance #trump #CreditCards #credit #consumers #debt #ConsumerDebt #USeconomy
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It sounds cool, but #Trump can't do this. At least not in the #USA previous to his reign.
It's like setting price controls, only for #finance . (The competitive market product is essentially the consumer debt. Loans receivable are lending company / bank assets— how they make $).
The lenders take on risk when they lend & their credit card interest rates partially reflect that risk.
But...
(continues)
#MyThoughts #finance #CreditCards #credit #consumers #debt #ConsumerDebt #USeconomy
JPMorgan Chase Reaches a Deal to Take Over the Apple Credit Card~
Of interest:
The largest bank in the #USA is buying over $20 billion of consumer debt AT A SIGNIFICANT DISCOUNT (a rarity).
"The discount in this deal reflects a high exposure to subprime borrowers and what has been a higher-than-industry-average delinquency rate..."
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#US #finance #Apple #consumers #ConsumerDebt #debt #economics #USeconomy
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@riley OFC that is a way the #USA specifically wrote their laws.
That being said #ConsumerDebt in #Germany is virtually nonexistant compared to the #USA as banks don't simply issue #CreditCards or offer #Loans - even #overdraft isn't common and rarely given or only in amounts that'll be easily covered with the next paycheck minus "essentials to survive"...
Avoid these debt traps at all costs! #debtfreedom #consumerdebt
Posted into FLIPBOARD USER GROUP @flipboard-user-group-JanetteSpeyer
>>The Swedish company’s net losses doubled in the first quarter even as its user base and revenue grew, Klarna reported Monday, weeks after pausing its plans to go public over concerns about tariffs and economic uncertainty. Klarna’s consumer credit losses swelled 17% in the first quarter from the same period a year earlier, hitting $136 million.<<
How to get out of debt without sacrificing everything #debtfree #consumerdebt #debtfreedom
Posted into FLIPBOARD USER GROUP @flipboard-user-group-JanetteSpeyer
thanks so much y'all! just received $20!
no specific goal in mind but $1k would be phenomenal and give some real breathing room... the overlimits alone are $530, and fortunately don't have any penalties beyond the exorbitant interest rates. but they do affect my credit, which made it harder for us to get an apartment.
#creditcards #creditcarddebt #consumerdebt #highinterestdebt #capitalism #predatorydebt #debtfree #debt #highinterest #highapr #payingoffdebt #newparent #postpartum #queerparent
A record share of people applying for car loans got rejected this year, New York Fed survey finds. https://zurl.co/ixEK #consumerdebt #bibleandbusiness
American credit card debt hits an all-time high of $1.08 Trillion dollars. Delinquency rates are rising too. https://zurl.co/Ab8p #debt #consumerdebt #bibleandbusiness
Addendum 4: Commoditization of debt
Credit card debt collection
https://www.bitsaboutmoney.com/archive/the-waste-stream-of-consumer-finance
Discussion: https://news.ycombinator.com/item?id=37490241
Commoditization: https://en.wikipedia.org/wiki/Commoditization
* process by which goods that have economic value end up becoming simple commodities in eyes of market, consumers, corporarations
#ommoditization #debt #ConsumerDebt #poverty #PovertyIndustrialComplex #capitalism #corporations #CorporateGreed #avarice #DefundCorporations #HumanRights #GOP
There are Billions of pounds in unpaid benefits so do you qualify for anything you are not receiving?
Phenomenal #benefits calculator provided by #Turn2us
Mirrors DWP benefit considerations.
The author looks at recent levels of #consumerdebt delinquency, #foreclosure, #bankruptcy and #savings to conclude that the #economy is in tip-top shape and we’re not in danger of a #recession so long as the labor market holds up. At the same time, he ignores the fact that people are burning through cash at an astounding rate. https://awealthofcommonsense.com/2022/11/it-might-take-a-recession-to-slow-down-the-consumer/
Just sharing an excellent article about avoiding getting a repayment meter forcibly fitted.
Just going to transfer some #consumerdebt posts I had made on the bird-site a few weeks back given the ongoing #costoflivingcrisis. If it helps anyone at all that's great. First just some general #budget tips
I'm no MartinSLewis and some of these might seem obvious to you but if they are mentioned here it's because I have seen them 'in the wild' so if you see anything here even remotely useful please do spread the word.
People take on consumer debt due to an ever-increasing wage gap. Credit card companies exploit this and compound the problem with 20% APR. Once trapped in the never-ending cycle of debt, these companies use morality to shame people into ignoring bankruptcy, their only legal means of regaining financial control. This prevents large parts of the population from participating in our economic system, increasing economic fragility over time. #bankruptcy #consumerdebt #credit #economics
So great to see so many new folks here, and more internationally diverse than who I was connected with on the bird site! I'm a co-organizer of the Law and Society Association (#LSA) household finance CRN. Do you have a paper or book about #consumerdebt, #bankruptcy, household finance that you'd like to present? Or you're coming to LSA and interested in household finance research? We'd love to have you as part of our CRN! Email me and I'll get you connected.
#law #LegalAcademia #LawAndSociety
@jackiegardina Hi Jackie, happy to see more legal podcasters here. I’ve been in the space on and off since 2005, and am about to relaunch my show on #studentloans and #ConsumerDebt. Will definitely check out your show.
