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 ...
And they call themselves socialists, no higher than 1%. Both of these imposters are apparently only tools of Jewish bankers and big business.
Why don’t she start her own Credit Card company?
Ha! You know I can’t answer that question...
Yes, because those evil credit card companies held people down and forced them to max out their cards and carry a balance.
No. That WAS the driver, period!
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.
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.
What matters is that you know somebody is going to benefit, and it won’t be somebody outside of “The Big Club”.
People holding those religious beliefs should not apply for credit cards. “Problem” solved.
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.
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.
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.
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.
Don’t laugh this one off. If you took a poll I bet this is going to garner wide majority support.
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.
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.
My rate is always 0%.
People With a credit score less than 750 won’t be getting a cc
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