AOC and Sanders call for capping credit card interest rates at 15%

Washington Examiner ^ | 09-05-19 | Colin Wilhelm

[Texan4Life]

10% sounds reasonable. When the Federal Govt. starts requiring common sense financial education basics to be taught to ALL school children, or lose Federal funding, then that's good preventative education. The Financial Illiteracy of the US populace is STAGGERING. We are not all blessed to have parents that could teach us the value of dollar, before we got ourselves into financial problems as a young adult. America won't break if the populace is financially educated at a young age. Banks and any loan companies, and all companies that sell stuff with financing, won't like that though. Our financial ignorance is their bottom line !!!!!!!

[Yaelle]

I agree with Bernie on this one. It’s unfair to hit the working middle class with this insane usury. I like what he says about credit unions and banking. I do not like bailing out Big Finance. We are pawns in a scam.

[Yaelle]

What’s going on now IS loan sharking.

[trebb]

Yep - a credit card is basically a signature loan with no collateral...I can see the companies limiting the credit lines to $1K for these folks who use it like an eternal loan with no intention of paying it back....the commercials that claim they have “Information the credit card companies don’t want you to know because you don’t have to pay them all back...” piss me off - and are a reason the interest rates are so high...
Responsible folks use the credit card for regular purchases and pay it off each month and rarely carry a balance for “luxury” items.

[Pearls Before Swine]

There’s no harm in capping credit card interest rate at 15%, if you’re willing to deny credit cards to a much larger portion of the population. Then you get blamed for excluding the less credit-worthy from our modern cashless society. And, you’ll get called racist, too, given that there is a racial and immigration status correlation to credit scores.

[free_life]

Exodus 22:25 “If you lend money to any of my people with you who is poor, you shall not be like a moneylender to him, and you shall not exact interest from him.”

[free_life]

Usury is a sin. I have no respect for any of these Credit Card banks and companies.

[afterhoursarmory]

Holy crap; how ya pull that one off with no lines of credit??
My wife and I have one last piece, the home and we are on target to be done with that in the next 12-18 months.
No one will ever own us again after that (yes, I know, I get it, property taxes for all those wanting to pile on for no good reason).

The one thing I chuckle at monthly is the credit agencies sending me e-mails “your score has changed!” uh,,,, how exactly?? My stuff is locked and all my accounts closed for years now.

Glad you are in the same boat being “debt free”; we drive the banksters mad!!

[afterhoursarmory]

Nah, you are owned by other companies. I have heard the whole “cash back” or incentive bullshit. I look at credit card companies or banksters like the founders looked at anything outside the Republic; “Foreign entanglements”. I am not owned, I have no contract with any of them. I have a great reserve of my own that is properly diversified in a way that those loan sharks cannot get at me if I am ever broadsided by an illegal spic and un-able to pay my bills which kicks in those loan shark rates.
But hey, keep on doing what makes YOU happy. I’ll be out here laughing from outside the system.

[SunkenCiv]

Thanks Steve1999.