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 ...
Guess rhey want to run them oit of business, too.
What they don’t get is that if you cap it, it means those high risk people simply won’t qualify for cards.
That’s a great idea. Of course the credit card companies would never think of tightening up their qualifications and lending limits in order to remain profitable.
Government price fixing worked great in Venezuela.
I guess her credit cards are maxed out
Oops, in a hurry.
Why? they already don’t charge interest to m*slims?
Central control of prices. What could go wrong?
bttt
Man, are these two bossy.
Better yet, make recurring charges illegal
To clarify, auto recurring charges
Charging upwards of 25% is a rate that even loanskarks are embarrassed to try.
The only difference between them and banks are bankers don’t break your kneecaps.
However if they outlaw the rates banks charge then only outlaws will charge these rates(hmmmm, where have I heard this terminology before?....)
Why 15%? Why not cap at 10%, or less?
I get it. $15 mininum wage, 15% maximum interest. Easy to remember, no slip ups due to confusion.
I thought a few years ago, there was a feminist movement to ban the word bossy?
I don’t believe in government price controls. However I do feel sorry for people that don’t pay off their credit cards each month and pay such high rates. Not a smart thing to do. But it is voluntary and there is no reason for anyone to not live within their means.
Now the government ... well that’s another story. :-)
One of the things that caused the financial crisis is the government forcing banks to give mortgages to high risk people because of fairness.
But charging us 30% or more on our income taxes is just hunky-dory, right Bernie?
More asinine socialism - capping rates means simply capping risk. Two results will occur. Fees and overage charges will rise to compensate, and a large portion of Americans with poor credit will simply not get any credit at all.
As with all socialist-statists schemes, they will wind up hurting the people they claim they want to help.
The real answer? End the Federal Reserve and return to a gold-standard monetary system. Gov’t and Federal Reserve supported financial usury will immediately disappear. But that’s a discussion for another time....
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.