WASHINGTON—Democratic presidential candidate Bernie Sanders proposed legislation Thursday to cap credit card interest rates at 15%, likening bankers to gangster loan sharks of old cinema.
The proposal from the Vermont senator, announced alongside Rep. Alexandria Ocasio-Cortez , has little chance of clearing the Republican-controlled Senate and will face rigorous opposition from financial interests. But it represents the latest attempt by Mr. Sanders, an independent who describes himself as a democratic socialist,...
Yes but really ur encouraging more poor to take out credit Not cool I love her tho instincts aren't baaad here many poorer Get Higher rates for no goot reason except got raped in the first place
Oh c’mon why not make it free like college tuition? Heck why doesn’t the Government just pay for everything and take care of all of us?
Somebody please unplug this guy!
Bernie no
This would indirectly cause credit card companies to extend less credit to higher risk consumers...perhaps even refusing service to them altogether. This is unsecured lending, nothing to collateralize.
Dumb man
That would significantly change things for better for a lot of people.
The socialist drive of the Democrats will make them lose the next elections.
Of course they make the interest rate so high that you take forever to pay it off and they get more money
Just Regulate the bern in my ass after diablo burritos
Simple question? Why 15% ? Similar to minimum wage increase discussion, they just pull numbers out of their arse. No real rationale behind rate.
Who is Andrew Yang?
Bernie Sanders proposed legislation to cap credit card interest rates at 15%, likening usury bankers to unscrupulous debt merchants and gangster loan sharks of modern day organized crime.
This will result in fewer people having access to credit. But maybe that’s a good thing.
OK. The business response will be to deny credit to those where the risk isn't worth a 15% rate.
You really want to show those bankers? Pay your debts. Free yourself from bondage
Now that’s a good idea Bernie.
Credit cards should only be for the rich anyway, right Bernie?
Utopia never works
Credit card companies will be forced to loan cards to high risk users at 15%, the government will then have to back up the loan, and we have another housing bubble 2.0.
He doesn't have that power
Credit card companies will just increase credit limits and give consumers more rope to hang themselves. It’s a vicious cycle. No point to interfere tho
It comes down to increased regulation and control.
Take aim at Biden & his ties to China.
If there is a cap, how many people will be denied credit cards. Will that harm be greater or less than the high interests. 🤔🤔
Pay your bills on time and in full and make the percentage irrelevant
Real gangster loan sharks existed because banks weren't willing to extend credit to poor people at that time.
Credit Card debt destroys more families than does alcohol. There are more credit addicts than alcoholics. The marketing power of obscene credit card companies pushing consumerism addiction has needed reigning in for a quarter of a century. Condemning usury is long past due.
Bernie needs to check himself into a retirement home.
This guy is a snake oil salesmen.. every is to blame but the consumer
No mention of AOC ?!
He really doesn’t know what he wants , HE IS A MASTER OF NONE .
how about Congress not even getting paid while we are at it?