>>Part of me wonders what the world would look like if we massively regulated credit card terms, like no more than 5% APR.
What would happen is there would be no credit cards for anyone. Nobody is going to lend money to the general public at 5% for unsecured debt.
IIRC, they used to be capped at 18% many years ago, still high, but much more reasonable then some of the rates that are out there now; so not opposed to a cap, but it can't be so low that it kills the business altogether.
What would happen is there would be no credit cards for anyone. Nobody is going to lend money to the general public at 5% for unsecured debt.
IIRC, they used to be capped at 18% many years ago, still high, but much more reasonable then some of the rates that are out there now; so not opposed to a cap, but it can't be so low that it kills the business altogether.