Episode 280: Credit Card Cockamamie
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Episode 280: Credit Card Cockamamie
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The limit of a 10 percent interest rate on credit card debt is a perfect storm, an unintended consequence, a territory for bad policy. Since that Friday night announcement of the president, inspired by the Sanders/Warren wing of political ideology, we have now seen support from the president for the Credit Card Competition Act. Here, more nuances abound, and more opportunities for shaking one’s head exist.
In this episode of Capital Record, David:
- Takes on the “credit card fees are usury” argument, some conveniently jump onto.
- Explains who is hurt the most by a government price control on credit card interest.
- Unpacks the Credit Card Competition Act.
- Reminds us of the most important law in economics -- “there’s no free lunch” -- accompanied by the most important question in economics -- “compared to what?”
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