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bysmooth wombat ( 796938 ) writes:
It should read, JPMorgan Warns 10% Credit Card Rate Cap Would Hit Profits. That's what this is about. After reading the article, the only thing mentioned about how this cap would hurt consumers is banks make a lot of money on these interest charges. Nowhere did anyone say how this would hurt consumers except for the warning that consumer credit would be curtailed. Without an explanation why this would be.
In short, not having a 25% interest rate would hurt banks beause they wouldn't generate the billions
byMightyMartian ( 840721 ) writes:
In the short term it would most certainly hit profits, not merely because of lower revenues from interest, but because credit card is unsecured, bad debts taking a bigger bite out of profits. The ultimate result would be that it would become much harder to get a credit card. In the end consumers would effectively have their short-term lending capacity reduced.
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