Krasnov To Impose Mandatory 10% Maximum Interest On Credit Cards [View all]

This is supposed to happen this January 20th. Anyone who does not obey Krasnov will be prosecuted.

First of all, this is illegal, second of all, I'm not so sure this is going to help the people in need.

Credit card companies will restrict who gets a card. The working class family with a thin credit file, the young person just starting out, the person rebuilding after a setback may be denied cards.

That's what credit card companies are saying so I take that with a grain of salt, but it sounds plausible.

I'm 78, retired, on a fixed income, I pay cash for everything, maintain no debt so I don't have skin in the game. I only have 3 credit cards and I always pay the balance off.

Curious what people think, will this 10% rate only benefit well off people?