He also doesn’t understand that a 15% interest rate isn’t 15% profit
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You make a good point. I'm not stuck on the 15% number maybe its 17.5%. My point is there should be limits.
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The only downside would they would lend less to people with questionable credit. People who should not get credit anyway. I'm likely more of a capitalist then you will ever be but I cant agree with people getting ripped off by credit card companies.
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TFW you stump for people to get loans from people with baseball bats.
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With 15% rates there will be no profit.
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how did this person get from revenue to profit with no intermediate steps? democracy ftw!
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The best way to help people is to limit the choices they have
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Or what profit is.
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Interest rate is not the profit to the lender only the revenue from people who do pay, but some people don’t repay. The result of capping interest rates is those with bad credit are unable to get loans at all, because the lender can’t charge enough for the risk of default.
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It is analogous to how the minimum wage locks out low skilled workers.
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