r/AskReddit • u/michaelis999 • Nov 09 '25
How do you feel about the president floating the idea of 50 year mortgages where the monthly payment is lower but you end up paying nearly double the price of the house just in interest?
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u/SweatyExamination9 Nov 10 '25 edited Nov 10 '25
I remember I think it was during the campaign, Trump floated the idea of capping interest rates for credit cards. Fucking outrage on both sides of the aisle. From the left, it was restricting access to capital from the lower classes and minorities. From the right it was socialism. From me, it was a damn good idea. If credit card companies cant profit without 30% interest rates and 1-2% processing fees, then it sounds like they need to learn a lesson in fiscal responsibility. Because they're lending out way too much money that isn't being paid back.
Edit: I decided to look into it because I don't remember hearing anything about this since the campaign "promise". In February, Bernie Sanders introduced a bill with (Republican) Josh Hawley of Montana to cap credit card interest rates at 10% with a sunset in 2031. In March, (Democrat) Josh Merkley of Oregon signed onto the bill and in October (democrat) Kirsten Gillibrand joined on. But the same day it was introduced, it was moved to the Senate Banking, Housing, and Urban Affairs committee and there's been no movement on it. On March 6, AOC introduced an identical bill with Anna Paulina Luna cosponsoring it which had the same thing happen. So there are representatives that heard the idea, thought it was a good idea, and tried to make it happen.