Posted on 05/09/2019 11:05:26 AM PDT by Steve1999
Bernie Sanders and Alexandria Ocasio-Cortez will introduce legislation to create a national cap on interest rates for credit cards. The Sanders-Ocasio-Cortez legislation would limit credit card annual percentage rates to 15%. Current credit card annual percentage interest rates typically range from the mid-teens to high 20s, depending on a person’s credit score. “Every major religion on Earth ... has condemned usury because it is really disgusting,” said Sanders, a Vermont independent senator who is also a leading candidate in the Democratic presidential primary. “What Alexandria and I are proposing in this legislation is not complicated ... Bringing back the concept of usury laws, where banks cannot try to get blood out of a stone.”
(Excerpt) Read more at washingtonexaminer.com ...
What idiots.
The banks would be like Oprah......
You get a fee, and you get a fee, fees for everyone !
Pandering. They both know there is zero percent chance of that happening. Meanwhile Dems rake in big bucks from the financial sector.
We consumers already have the ability to avoid those high interest rates.
Pay off your credit card balance, and you avoid those interest charges.
Anyone carrying high credit card balances from month to month, has some deeper financial problems than the interest rate on that credit card.
Like they should like make credit cards Free and stuff. Like you know, Free college, and like free medical care and free birth control and free abortions, like you know, right?!?!?.
Micro-business lenders charge up to 100% interest.
During the financial crisis, CC companies and banks cancelled many lines of credit. The same would happen again if this legislation were passed.
Well, it will require a minimum of 710 or more credit rating to get to use a credit card then.
Government intrusion into the market Never ends well.
There is a really simple solution.
DON’T BUY THAT!
Yeah but standards are racist don’t you know?
*** But it is voluntary and there is no reason for anyone to not live within their means. ***
Sometimes there are expenses, medical, transportation, etc, that leave people little choice. They are called unforeseen emergencies.
Low interest means high annual fees.
True, but maybe that’s not a bad thing.
Also, wasn’t there a day when usury laws would prohibit interest rates this high?
On the other hand, capping interest may spark the re emergence of loan sharking.
And there goes credit for lots of Americans. An untold number of businesses get funded via credit cards, as does emergency funding for a car repair, lost job, etc.
And that would be racist.......or something.
True, however I know plenty of people who have racked up thousand of dollars of CC debt, not from a emergency situation but buying luxury items.
This conservative agrees. even 15% is usury. Usury is a sin named in the bible and as been legal and illegal throughout the ages and ancient to modern kingdom throughout the world.
In the Muslim world simply charging any interest is haram.
Cui bono?
Or they will charge vendors more of a percentage, and vendors will pass the cost onto consumers.
So those that are enjoying 8-10% will now be bumped up to 15%?
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