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AOC and Sanders call for capping credit card interest rates at 15%
Washington Examiner ^ | 09-05-19 | Colin Wilhelm

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 ...


TOPICS: Business/Economy; Local News; Military/Veterans; Miscellaneous
KEYWORDS: aoc; apr; berniesanders; credit; interest; interestrates; newyork; ocasiocortez; sanders; usury; vermont
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To: Steve1999

And they call themselves socialists, no higher than 1%. Both of these imposters are apparently only tools of Jewish bankers and big business.


41 posted on 05/09/2019 11:32:57 AM PDT by hardspunned
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To: Steve1999

Why don’t she start her own Credit Card company?


42 posted on 05/09/2019 11:35:02 AM PDT by IC Ken (Stop making stupid people famous)
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To: dfwgator

Ha! You know I can’t answer that question...


43 posted on 05/09/2019 11:35:18 AM PDT by Paulie (America without Christ is like a Chemistry book without the periodic table.)
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To: Steve1999
“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.”

Yes, because those evil credit card companies held people down and forced them to max out their cards and carry a balance.

44 posted on 05/09/2019 11:35:25 AM PDT by Hoffer Rand (God be greater than the worries in my life, be stronger than the weakness in my mind, be magnified.)
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To: Rusty0604

No. That WAS the driver, period!


45 posted on 05/09/2019 11:36:19 AM PDT by fuente (Liberty resides in three boxes: the ballot box, the jury box and the cartridge box--Fredrick Douglas)
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To: Fhios

I’m surprised by the amount of people defending usury. 15% is still extortionate and more than enough for banks to make a killing.

The Habsburg Empire went bankrupt on 6% interest.

An economy cannot be based on usury without destroying Middle and Lower classes and concentrating wealth.


46 posted on 05/09/2019 11:38:04 AM PDT by Shadow44
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To: Steve1999

Took me years to get out of debt after I fell for the whole “credit score” bullshit. I got a credit card offer the other day and for giggles opened it to see what their terms were these days; good lord, 24% APR? That’s loan shark territory.
These days I could care less about credit scores or credit cards, I just save up for what I want since my emergency fund is up to speed.
Like Dave Ramsey says, I have a perfect credit score, ZERO.


47 posted on 05/09/2019 11:39:36 AM PDT by afterhoursarmory
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To: Paulie

What matters is that you know somebody is going to benefit, and it won’t be somebody outside of “The Big Club”.


48 posted on 05/09/2019 11:39:58 AM PDT by dfwgator (Endut! Hoch Hech!)
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To: Steve1999

People holding those religious beliefs should not apply for credit cards. “Problem” solved.


49 posted on 05/09/2019 11:42:26 AM PDT by Ingtar
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To: fuente

Then to add insult to injury, the government forced the banks to pay reparations for those high risk people that didn’t pay their mortgages, but the money went to the social justice groups that caused all this in the first place.


50 posted on 05/09/2019 11:42:28 AM PDT by Rusty0604 (2020 four more years!)
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To: Steve1999

I guess I have to go back and read Atlas Shrugged again.

Of course, its Bernie’s voters who screw the credit card companies out of money by not paying or fraud.


51 posted on 05/09/2019 11:48:49 AM PDT by Vermont Lt (If we get Medicare for all, will we have to show IDs for service?)
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To: cuban leaf
I always laugh at the liberals who think this is a good idea.

The government trying to mandate price controls (or in this case, capping interest rates) always accomplishes the same thing. The supply of product or service becomes scarcer.

$15 min. wage means some jobs will be eliminated.

Hawaii (liberals) capped gasoline prices a few years back with disastrous results. They had lower gases prices alright but no supply of gasoline. Duh.

And like you said, capping interest rates on credit cards will mean those riskier credit customers will get no credit cards at all.

52 posted on 05/09/2019 11:50:36 AM PDT by HotHunt (Been there. Done that.)
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To: RedMonqey

I got a call from Sears the other day asking why I wasn’t using their card. They could increase the limit if I wanted (my credit score is 800+)

I told them that their basic rate at 25.5% was horrifying. If they could lower it to the 9% my other cards charge I would be happy to use it.

They said they had not promotional rates, even for good credit customers. Then I suggested that might be why they are going out of business.


53 posted on 05/09/2019 11:50:57 AM PDT by Vermont Lt (If we get Medicare for all, will we have to show IDs for service?)
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To: Steve1999

Don’t laugh this one off. If you took a poll I bet this is going to garner wide majority support.


54 posted on 05/09/2019 11:52:29 AM PDT by Buckeye McFrog
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To: Dilbert San Diego

Sounds easy but not always. Synchrony Bank is notorious for not following the law as it pertains to payment allocation. I think the Govt has tried to do something about it but it is slow.

They need to be sued in a class action suit.

If you have any kind of promotional deal through a store like Lowes or Amazon etc with them watch your payments and your balances.


55 posted on 05/09/2019 11:52:57 AM PDT by RummyChick (I have no inside sources, media sources, or federal government employee sources. NONE)
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To: Vermont Lt
I got a call from Sears the other day asking why I wasn’t using their card. They could increase the limit if I wanted (my credit score is 800+) I told them that their basic rate at 25.5% was horrifying.

I told them it was because they had closed all of their stores within a fifty mile radius of where I live.


56 posted on 05/09/2019 11:53:28 AM PDT by Buckeye McFrog
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To: EVO X

At the start of the financial crisis AMEX stopped their Business Line of Credit. Not just for me, but for everyone.

I ran a seasonal business and I used that card to get me through the low two months of the season.

My credit was fine. They were a crappy bank.

Now they offer me a Platinum card for $650 a year. I barely use the green card. I will never buy another product from them. Ever.


57 posted on 05/09/2019 11:53:33 AM PDT by Vermont Lt (If we get Medicare for all, will we have to show IDs for service?)
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To: Buckeye McFrog

My rate is always 0%.


58 posted on 05/09/2019 11:53:53 AM PDT by dfwgator (Endut! Hoch Hech!)
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To: Steve1999

People With a credit score less than 750 won’t be getting a cc


59 posted on 05/09/2019 11:56:38 AM PDT by Rodm
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To: woodbutcher1963
DON’T BUY THAT!
60 posted on 05/09/2019 12:01:27 PM PDT by PGalt
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