Would lowering credit card interest rates stimulate the economy?

We hear about how lowering taxes (for rich/for poor ?) and lowering the rate the federal reserve charges banks for loans helps stimulate the economy.

Would some implementation at the federal level of lowering credit card interest rates be a more direct way to stimulate the economy?

Would lowering credit card interest rates stimulate the economy?annual credit report

Interest rates on credit cards are ridiculously high they should be no higher than 9% tops and that is for a person with poor credit. Its impossible to pay a debt being thrown 25-30% interest rate.

They used to be called loan sharks, now they are called Visa, Master Card and Discover.

Would lowering credit card interest rates stimulate the economy?

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Would lowering credit card interest rates stimulate the economy?

It may stimulate the economy but in reality, people will just spend more money that they don%26#039;t have and end up owing more.|||That will just worsen the economy. People will just spend more money they don%26#039;t have, which will put us in an even worse position than we%26#039;re in now. If anything, it%26#039;d be better to raise the rates to discourage people from using credit, unless they know they%26#039;ll be able to pay it off in time.|||noooo, the reason they are high,people put sooo much on them they go into default,,,who picks up the tab? people like me,... i have a neighbor, his son has 75000 out on credit cards,,, he is going bankrupt next month....how does this kid sleep at night????|||Interest rates in general are set by the Federal Reserve in the US. This rate is set in view of things like consumer spending, house prices, employment etc as well as inflation. Credit card companies set their own rates (hence a vast range of rates for different companies), which often varies based on the rate set by the Fed.

At the moment the US economy looks like it might be going into recession, and so lowering interest rates to help increase consumer spending and boosting the economy looks like it might be done to help the economy.

This in turn may go hand in hand with lowering of credit card interest rates, but an decrease too low will cause increased debt (which isnt a good thing if too much!)