Half a croissant, on a plate, with a sign in front of it saying '50c'
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The National Credit Card

Grind Credit Card Debt and Grind the Deficit
  [vote for,

This morning (and almost every morning, it seems), the socialists of America have a new good intentioned proposal to pave the way to hell. Today's proposal is to put a hard limit on credit card interest rates, which will no doubt contribute to drying up credit for people who need it.

Having said that, since thinking about nationalizing every industry is now acceptable in polite society, why don't we go all the way and have a national credit card?

The US (and every country) already borrows plenty of money on behalf of its citizens, as [doctorremmulac] recently lamented. And it already is the primary mover of all interest rates.

And finally, who is in a better position to know if you're able to pay back money than the entity that collects money out of your every paycheck already?

This national credit card would charge a fixed amount over Prime, and be self-limiting in that the payments would have to flow out of payroll, so no one could borrow more than what could be sustained on a paycheck (or a suitable fraction thereof).

In the meantime, the ample interest payments can do wonders to the amount of money available for budgetary needs.

theircompetitor, May 10 2019

proposal to limit credit card interest rates https://www.busines...-wall-street-2019-5
[theircompetitor, May 10 2019]


       There's probably a sound economic reason why this is not a good idea, but for the moment I'm assuming that it is a very good idea. [+]
MaxwellBuchanan, May 10 2019

       Remember that you're complaining to members of a nation that is a good deal more socialistic.
RayfordSteele, May 11 2019

       complaining? me?
theircompetitor, May 11 2019

       What's the difference between this, and a credit card issued by a nationalised bank?
pocmloc, May 11 2019


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