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Forum Post: Proposal for interest rate CAP

Posted 3 years ago on Nov. 19, 2011, 9:55 a.m. EST by ithink (761) from York, PA
This content is user submitted and not an official statement

I would like to see an interest rate cap on any loan that is necessary for daily living. Automobiles, Houses, and Education. Those who do not qualify due to bad credit, will be educated through a series of classes on how to manage personal finances. Those who complete the education will have their credit reports wiped clean. No more 20-30% interest rates for ANYONE. This should be illegal.

10 Comments

10 Comments


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[-] 1 points by technoviking (484) 3 years ago

if there's an interest rate cap, then banks will just refuse to lend to anyone who deserve an interest rate higher than the cap.

just like how insurance companies can refuse to insure people who are too costly to insure.

[-] 1 points by ithink (761) from York, PA 3 years ago

Interest rates on these items should not go over 3%. They are necessary for daily living. If you have a stable job, you qualify for the loan. Banks will do what we tell them to do. It should NOT be the other way around. They need us to govern them. Deep down, they want to be governed. Inherently, a bank has no morality. It cannot self-govern.

[-] 1 points by technoviking (484) 3 years ago

i think it's going to be a tough sell to get someone else to do what you want them to do.

you'll have to ask the government to strong arm them into doing things for you.

or just get the government to set up a government-run bank whose sole purpose is to provide loans cheaply. a bank might run out of money lending cheap money to risky borrowers, but the government can always increase taxes to ensure everyone has access to cheap loans.

[-] 1 points by ithink (761) from York, PA 3 years ago

We elected the officials who lifted the controls in the first place. Therefore, we can elect ones who will PUT IT BACK.

[-] 1 points by technoviking (484) 3 years ago

sure you can, there is no doubt about that. the government has done many many absurd things in the past, it definitely has the power to do many many absurd things in the future.

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[-] 1 points by nomdeguerre (1775) from Brooklyn, NY 3 years ago

There were usury laws for thousands of years (interest rates set too high will inevitably drive borrowers into the ground). Under Carter (sadly) the controls were lifted. That there has been no discussion of reimposing interest rate caps (when the benefits are so obvious) only shows that banksters are truly in control.

[-] 1 points by ithink (761) from York, PA 3 years ago

And we the people, have just sat around letting this happen. It must stop. We must take back our government.

[-] 1 points by nomdeguerre (1775) from Brooklyn, NY 3 years ago

That's why OWS is in this for the long haul. There will be plenty of setbacks. We have to focus on the goal (an economy that answers people's needs, not the wants of a criminal elite, and a return to constitutional government).

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[-] 1 points by nomdeguerre (1775) from Brooklyn, NY 3 years ago

I see this all over the place. Why not include a sentence on the subject?