Poor people suffer from the predatory behavior of banks, and tens of millions of Americans, Democrats and Republicans, pay exorbitant interest rates on credit cards, auto loans, and college loans.
Banks survived and credit was readily available for many years when state laws capped interest rates at 18%, and few banks could charge aggressive late fees.
So lets lead a bipartisan effort to make it illegal for banks to charge more than 12% interest. The banks will pretend that it will reduce the availability of credit but it won't because it will apply to every bank, and they still need to generate income to support their operations.
Let Citibank, its executives, and its shareholders learn to stay out of politics, and let us build a bridge to the poor people, leftists and Democrats who are being exploited by big banks.
Let’s use liberal logic if we are going to tell banks what they can charge for interest. You know, the same logic they apply to minimum wage?
Why cap them at 12%.
I think 4% sounds much better and look at all the folks it would help!
Cancelling the only citibank card we have today. It is a retail card and we always paid the balance - got good cash back rewards too, but every person should fight back however they see fit and its a small price to pay!