Author Topic: How the poor get screwed  (Read 311 times)

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Offline TimG

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Re: How the poor get screwed
« on: November 16, 2017, 11:29:49 am »
No one has to get a credit card or if you routinely can't pay them off you should not have one.

More importantly, the market for credit cards is reasonably competitive. If people can't get a lower interest card that is likely because they are in a demographic that is higher risk and costs the bank more to provide. This means any attempt to regulate rates would result in either 1) fewer people getting access to credit 2) increase non-interest fees.

IOW - governments don't have a magic wand that will make these costs go away. All they can do is force banks to distribute those costs among more people.