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 ...
Usury is, like, disgusting, not to mention sad.
The most interesting news from this announcement is the partnership, and shows everyone AOC’s preference for Bernie for president...for now. Later on, when the DNC anti-white guy edict goes into full beast mode, AOC may change, but I sense this as more of a presidential endorsement than an actual proposal that will see the light of day.
This is a perfect example of pols enabling bad judgement. No one with an iota of common sense has debt at high rates.
“Federal income taxes should be capped at 15%, too, then.”
Yes. A broad, green-style modification of Cain’s of 9,9,9.”
I cut up all my cards after they raised their rate to 10%.
Kept getting mail and phone cards why I didn’t want another card. I said lower back to the rate I originally signed up for and I’d consider it.
That was many years ago.
I figure if I really need it, to just save my nickels and dimes like I did when I was a kid.
I do have a checking account with a debit card so to He## to credit cards.
I’m guessing that these liberal idiots aren’t smart enough to be looking far off into the future. But they could turn the banking industry into a government run program as well.
“So many good people can’t get credit cards because of pre-existing conditions. The doctors, um, I mean bankers, are just too greedy. The government will require everyone to have health, um, I mean credit cards....”
This is just they’re first move. Next, they’ll say that credit cards are a right, and will mandate credit card companies to issue them, regardless of credit.
The person borrowing the money knows before agreeing to it that they are going to pay that rate. I have a hard time sympathizing with people who voluntarily become victims.
Hey why don't these idiots demand salary ceilings on athletes and actors, don't their ridiculous astronomical salaries put a hardship on people who want to see a movie, show or sporting event? I mean they have no problem bitching about money corporate CEOS's make.
Damnit if these 
want socialism there are plenty of failed socialism nations out there to move too, stop trying to turn AMERICA into amerika!
And one of these idiots was awarded a degree in economics?!? Boston University needs to have a recall, obviously a defective product.
Reminds me of Elena Ceausescu getting a Doctorate in Chemistry.
In a sane world, the credit card companies would compensate by lowering limits for people with bad credit scores; they would lose some money on interest, but probably make it back on bankruptcy, as right now they seem to have a business model which soaks poor people monthly in the hopes of getting enough to make up for the inevitable loss of the contract in court.
But I imagine that AOC and Colonel Sanders would oppose that, because socialists do not really play well with the real world.
rates have been usurious
That legislation would be in keeping
With true, classical conservatism.
“” “” What they don’t get is that if you cap it, it means those high risk people simply won’t qualify for cards.”” “”
When they have an idea of such caps making it mandatory for banks to give away cards to anyone is only a logical next step. That’s Marxism in a nutshell.
“” “” 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.”” “”
That is not a right approach. Learn the independent reviews and read the conditions of specific products.
I have more than a dozen cards and never paid a penny in fees over several years in a row and only save literal thousands a year.
For example I have a credit card which pays a decent interest back to me on positive balance and also allows to choose three businesses each month where I’d get 3%-10% cashback for using the card.
I have another card which offers 1% cashback on all purchases and 5%-10% for leisure spending.
I have another card which offers 3% cashback for travel-related spending and restaurants. That includes hotels and airfare, gasoline and car repairs.
With the latter card alone I saved countless amount of money mostly on airfare and gas.
Research everything and learn to use it for your advantage.
Many people believe credit cards are a sort of source of free money they might use to supplement income to buy stuff they can’t afford. They end in trouble.
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.
______________________
I do what you do, but I have a unicorn credit score, according to my banker, 835
I can agree with Bernie & AOC, interest rates of 18% to 29% are usury, plain & simple.
Worse, is when banks raise your rates on past purchases, just because they can.
My credit rating has fallen in past 2 years. Why? Because I stopped charging & paid it all off.
If I ever NEED credit again, it will be at a much higher interest rate.
But if someone has a bad history or is a bad risk, they should simply be denied, based on common sense criteria.
Bernie & AOC want to give everybody credit, & then just write it off when it’s not paid.
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