Usury, loansharking and payday lending

Historic default levels?

Self-Help and the Separation of Powers | Yale Law Journal

Yale Law JournalDavid E. Pozen

Trump wants to cap credit card interest rates at 10%. But such limits could harm consumers, experts warn - NewsBreak

On Friday, President Donald Trump called for a one-year cap on credit card interest rates at 10%, effective Jan. 20.

NewsBreakPreston Fore

Limiting banks’ ability to charge rates commensurate with historic default levels would likely send shock-waves through the industry. ¶Jennifer Doss, executive editor at Cardratings.com, explains that cards with high APRs give banks the option to offer credit to people who might not otherwise qualify.

There are people who don't need credit, whether they are higher net worth, or poorer folks whose net worth at least isn't harmed by banks denying them credit at exorbitant rates.

John Cabell, managing director of payments intelligence at J.D. Power, adds that rate caps could make it economically unviable for issuers to provide credit to people who struggle with delinquency.

And just get off my property if you're already garnishing, repossessing, foreclosing, and collecting debts on my account when I have not chosen to borrow and buy!

I'm sorry if it's economically unviable to lend money to people who aren't willing or able to pay it back, but you've got to button your blouse at the bank, and don't make stupid pointless loans without clear achievable goals and objectives. High-interest consumer credit, auto loans and long-term mortgages are not healthy.