If you can't get a credit card with less than 15% interest you probably
shouldn't be borrowing money, but this is not going to "help" anyone, other than helping people who can't help themselves by preventing them from getting a credit card in the first place.
I have a buddy who has a company that underwrites sub, sub, sub prime auto loans often at 15-20% interest rates. He charges those rates, not because he's an asshole, but because he's loaning money to extremely uncreditworthy people with high default rates and costs to repossess vehicles when defaults occur. If you cap interest rates at 15%, he just doesn't make a lot of those loans. You may think you're helping those people, if your intention in helping them is to prevent them from having a car.
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In response to this post by WahooMatt05)
Posted: 07/01/2022 at 11:49AM