@EndWokeness They clearly haven't read the room.

@Timcast Wait til she finds out how much of her personal data the NSA has.

@philthatremains The left is really confused about politician doing exactly what they promised to do.

@DOGE Keep up the good work boys!

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@Baseballmarine2 @TomFitton A simple thing that can be done is to open transparency to the consumer by translating their monthly payment and APR to their total interest paid over LoL on their bill. Auto & mortgage have something like that and it's wild to me that CC don't.

@snap8374 @TomFitton Oh trust me it will effect the upper credit band as well. I'm not sure how yet because I don't work in the space. If I had to guess I'd say good bye to your cash back rewards and $0 annual credit cards.

@Blkdrps @TomFitton I said it would spiral to something like that. The next step will probably government intervention to restore access to lower credit customers who are cut off. That will lead to some kind of bubble. Similar to 2008.

@Chief920A @TomFitton I didn't say that it wasn't. More specifically it was caused (at least worsened) by the government trying to incentive home ownership by pushing for relaxed lending standards. They pushed for Fannie May/Freddie Mac to qualify lower grade morgages for government backed insurance

@Liberaliars24 @TomFitton I didn't say that it wasn't. More specifically it was caused (at least worsened) by the government trying to incentive home ownership by pushing for relaxed lending standards. They pushed for Fannie May/Freddie Mac to qualify lower grade morgages for government backed insurance

@ToxicOffender11 @TomFitton Yep, trust me I'm in the same boat. The system we have is broken as hell. If you pay them off completely each month you are probably getting 1-2% cash back on every purchase without paying anything (kinda). And you have no annuals. That will likely change if this goes through.

@KiIID0ZER @TomFitton I literally didn't say that it didn't. Also, in my experience low income doesn't automatically mean low credit. They are highly correlated but not directly tied to one another.

@Daemonocracy @TomFitton I agree. I actually think the solution is to teach financial literacy so people know what their getting into with the high rate loans. Then treat people like adults capable of making their own choices. Longer term the whole system of debt financing should be reevaluated.

@cmnsenselady @TomFitton I don't know (because I haven't worked in CC lending) but I'd bet that 10% isn't as big as you might think. Most are giving 1-2% cash back on every purchase. If consumers pays off they get no interest on that. That probably cuts into that margin a bunch. Also transaction fees.

@2020wasstolen1 @TomFitton You're definitely right about that. And if banks could identify that with 100% accuracy trust me they wouldn't have access to it.

@cygnusjen @TomFitton People are capable of making their own decisions. I do agree that the system we have is broken. And I'm not trying to make and excuse for banks. I just don't think this is the solution.