Biden penalizing creditworthy customers by hiking interest rate

[Chaitanya-a]

So Biden is increasing home loan interest rate for people with good credit score (680+) and lowering the interest rate for people having less than 680 credit score.

I want to know what do you guys think about it.



For me, its just BS. You're demotivating people from keeping good credit history.
Don't know what this guy is high on!!

 

[Chaitanya-a]

@pprakash11 @Wealth is my birth right! @VISHESH_BANSAL @Abhishek012 @TechnoFino

 

[Abhishek012]

@pprakash11 @Wealth is my birth right! @VISHESH_BANSAL @Abhishek012 @TechnoFino

I am waiting for

S.4674 - The Credit Card Competition Act of 2022 when this will implement in USA.​

Shown Here:
Introduced in Senate (07/28/2022)
Credit Card Competition Act of 2022

This bill addresses network access and competition in electronic credit transactions.

The bill generally prohibits credit card issuers from restricting the number of payment card networks on which an electronic credit transaction may be processed. Specifically, the Board of Governors of the Federal Reserve System must prohibit certain credit card issuers with assets of over $100 billion from restricting the number of networks on which credit card transactions may be processed to

• one network,
• two or more networks operated by affiliated networks or persons, or
• the two networks with the largest market share of credit cards issued.

Additionally, credit card issuers are prohibited from imposing certain limitations on the routing of electronic credit transactions, such as through penalties for failure to meet a specified threshold of transactions on a particular payment card network.

The board must also provide for the designation of payment card networks that pose a security risk to the United States or are owned, operated, or sponsored by a foreign state entity.

 

[pprakash11]

So Biden is increasing home loan interest rate for people with good credit score (680+) and lowering the interest rate for people having less than 680 credit score.

I want to know what do you guys think about it.



For me, its just BS. You're demotivating people from keeping good credit history.
Don't know what this guy is high on!!

Bas fir late payment karna shuru karein 🤣

 

[Strange]

Bas fir late payment karna shuru karein 🤣

but USA me jaake.

 

[Strange]

So Biden is increasing home loan interest rate for people with good credit score (680+) and lowering the interest rate for people having less than 680 credit score.

I want to know what do you guys think about it.



For me, its just BS. You're demotivating people from keeping good credit history.
Don't know what this guy is high on!!

 

[Tosh]

More people might end up defaulting and losing either more money in the process or their collats. Rich->Richer

 

[Wealth is my birth right!]

So Biden is increasing home loan interest rate for people with good credit score (680+) and lowering the interest rate for people having less than 680 credit score.

I want to know what do you guys think about it.



For me, its just BS. You're demotivating people from keeping good credit history.
Don't know what this guy is high on!!

Reverse psychology lol
Being a disciplined person sometimes it penalizes

 

[SiddharthR]

#GoBidenBaackkkk 😂

 

[ltf4ever]

So Biden is increasing home loan interest rate for people with good credit score (680+) and lowering the interest rate for people having less than 680 credit score.

I want to know what do you guys think about it.



For me, its just BS. You're demotivating people from keeping good credit history.
Don't know what this guy is high on!!

big short part 2

 

[CardSeeker]

he want to be worst president

 

[ramirami]

It's not like less creditworthy customers will get cheaper credit than more creditworthy customers. Biden is just reducing the gap between them. I'm not knowledgeable enough to tell if this was overall a good move or not, but it's not inherently an unfair thing.

 

[Chaitanya-a]

he want to be worst president

Exactly my thought😂 Almost every action taken by him has proven bad

 

[iNokia]

We shouldn't question democrats. Naam hi democrats hai toh democracy toh ubhar ke nikalti hai unse. All thier decisions are very thoughtful and in the interest of the general USA populace. India should learn democracy from them.