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Stock impact report

President Trump wants to cap credit card interest at 10%: the pros & cons for borrowers [Yahoo! Finance]

TransUnion (TRU) 
Last transunion earnings: 4/28 06:50 am Check Earnings Report
US:NYSE Investor Relations: investors.transunion.com
Company Research Source: Yahoo! Finance
What we know The president's proposal could help consumers save billions of dollars and pay off debt faster. But financial experts say it could also make it harder for consumers with lower credit scores to get credit cards. MORE: Trump wants credit card interest capped By the numbers Let's break it down. If you're carrying a credit card balance of $5,000 and paying 24% interest, then $100 in interest is being tacked onto your balance every month. If you make $150 monthly payments, it would take you 4 years and 8 months to pay it off, totaling $3,322 in interest. If the interest rate is 10%, your monthly interest would be reduced to $42 per month. That could help borrowers pay off the debt faster. Making the same $150 monthly payments, it would take 3 years and 4 months to pay off, and total $882 in interest. The other side However, people with lower incomes and lower credit scores can pay rates up to 36% because they are considered riskier borrowers. Some credit car Show less Read more
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