WASHINGTON - A pair of leading liberal Democrats proposed legislation on Thursday that would cap interest rates on credit cards and other consumer loans at 15 percent to help consumers grappling with growing credit card debt.
“There is no reason a person should pay more than 15% interest in the United States,” Ocasio-Cortez tweeted. “It’s a debt trap for working people + it has to end.” The bill would allow the Federal Reserve to temporarily permit higher borrowing rates if needed to help keep institutions afloat, but for no more than 18 months. It also would not prevent states from establishing lower maximum interest rates.
How much interest would you charge on totally unsecured debt, no collateral, and no income verification? Its a game of risk and return. High risk = High return
Why don’t you guys actually do some that DIRECTLY helps the American people? AOC SenSanders BernieSanders
She would like the state in control of everything on the people....as any comunist country....careful what you wish for USA....this is what you get!!!!
Zulu Foxtrot
Better to make them financially literal than reducing debt interest
Bad
How about a limit on taxes, AOC says it’s greedy and wrong for credit card companies and banks to charge such high interest but the government takes more and more, you’ll understand if I think she’s hypocritical
How about proposing a limit on ignorance and then requiring people to take responsibility for their own actions. Wow there is a thought. lol.
She must be in credit card debt it's for her look into her finances and you will know her motives
what about we educate people to not abuse credit. aoc always tries to fix the symptoms.
Find a different card. Government can’t run anything successfully.
Use commonsense and live within your means. About 70% of my purchases, i use cash. 30% card. But pay it off every month.
The limit should be “don’t spend more than you can afford”, if you pay you monthly balance than they don’t charge you any interest, but if you don’t pay they do, that is their business.
Don’t use your credit card
If this were done people would need to go through a gauntlet to get a credit card, and the overall approved amounts would be much smaller. Credit cards are short term credit - not long term loans. People will be mad when they can only get a $500 limit.
A wonderful piece of thinking, Miss Ocasio-Cortez! An eye to the landlords too and their hiring fees as there must exist a limit to what they can charge their customers!
Quick fix to responsible lending- which is a much more preferable method- esp with educational loans...
It should reflect the state of the economy and risks associated with giving out credit cards. Interest rates are so low at the moment, why shouldn’t credit cards be low?
What a novel idea! That's the way things used to be until Republicans began de-regulating every rule meant to keep corporations from hurting consumers.
The highest rates are used to compensate for lending to the riskiest borrowers. If we limit the interest rates that can be charged, institutions will stop lending to the riskiest borrowers, thereby removing an important source of emergency money for many vulnerable Americans...
Ghostdwell Saved
You know if this law doesn't get passed that system is RIGGED. Unless of course in a 'democracy' with more poor people than rich, people just want to pay high interest rates.....LOL🤔
Bernie love AOC PressSec
That will piss off the Saudi’s. They own Visa.
AOC
If you pay off your balance, your interest rate is zero
No. People stupid enough to use credit cards ask to be victims. Can we protect the ignorant and stupid from themselves?
Amarren esa loca antes de que sea demasiado tarde, anda con el libreto Cuba Chabestias bajo el brazo!!
Ban Credit Cards all together.
Every state used to have usury laws, good idea
The interest rates and worse yet the late fees are at what used to be considered loan sharing rates.
This is a good idea. Interest rates are so low, credit card rates should be reflective.
Tying her wagon to Sanders is not a winning move, someone should let her know...
And a limit on credit!..a must!.. starting with our own USA!
Well you’ve caught my attention
That's the ticket!
There already is
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Sanders, Ocasio-Cortez team up in bid to cap credit card ratesSen. Bernie Sanders and Rep. Alexandria Ocasio-Cortez joined forces on a proposal to cap the interest rates consumers pay for credit cards and other loans Ok I can support this What about pay day loans? If they had a plan to cap income tax at 15% then I'll be interested.
Source: politico - 🏆 381. / 59 Read more »
Sanders, Ocasio-Cortez Propose 15% Cap on Credit-Card InterestThe two self-identified democratic-socialists are set to propose legislation on Thursday capping rates on credit-card and other consumer loans and letting post offices offer low-cost basic financial services, such as checking and savings accounts and loans. An outline of the plan released ahead of their
Source: YahooNews - 🏆 380. / 59 Read more »
Sanders, Ocasio-Cortez want to cap credit card interest rates at 15 percentThe proposal is sure to meet stiff resistance from the banking industry, which brought in $113 billion in interest and fees from credit cards last year, up 35 percent from 2012. no they don't They want to change the usury laws. I think they are controlled by the states. It needs to be tied to a market index, not flatly capped. AOC
Source: washingtonpost - 🏆 95. / 72 Read more »