2020 candidate Sen. Bernie Sanders (I-Vt.) and Rep. Alexandria Ocasio-Cortez (D-N.Y.) — both self-declared Democratic-socialists — will introduce a bill on Thursday to prevent credit card interest rates from rising above 15% and capping consumer loans.
Credit cards are one of the most insidious forms of indebtedness. By bundling a loan with a very convenient payments device, banks deliberately make it easy to rack up large debts and interest charges. Capping rates at 15% would significantly reduce unintentional consumer indebtedness.
Last year Americans paid $113 billion in interest on credit cards—50% more than just five years ago.@AOC‘s and my plan: end Wall Street’s greed and cap credit card and other consumer loan interest rates at 15%.https://t.co/NAJsvrFp0A
— Bernie Sanders (@BernieSanders) May 9, 2019