Socialists’ Proposed Cap On Credit Card Interest Is A Tax On Poor People

While I wish they could but I do not see it happening with our current government. While the House could pass such a bill it would die in the Senate under republican control like all the other bills sent there that are helpful to Americans. The re.

ASIC said American Express was the only one of the 10 companies which did not commit to putting a 10 per cent cap on exceeding. on exceeding credit card limits and prioritising repayments to.

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 · Labour will introduce a cap on credit card interest payments to tackle Britain’s debt crisis, John McDonnell will say on Monday.

Bernie Sanders and Alexandra Ocasio-Cortez have proposed capping credit card interest rates at 15%.

Lawmakers may pay lip service to a plan, but they are unlikely to do much about it. The banking industry pushes a lot of money into D.C. so that this sort of thing doesn’t happen. You know the millions of dollars that financial institutions paid t.

 · I think it’s hilarious that Bernie or Crazy lady think lowering the interest rate through force will do anything to help these people. It’s like the minimum wage. Nobody pays $15 an hour for a $10 an hour job. No one is giving a 15% interest rate credit card to 25% interest rate risk applicants.

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On Thursday morning, Visa and MasterCard tumbled after the democratic party’s "progressive" socialist wing consisting of Bernie Sanders and Alexandria Ocasio-Cortez, announced they would introduce legislation on Thursday to cap credit card interest rates at 15%, a sharp drop from current levels. The proposal follows not long after AOC also.

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In the 1980s, defense and interest on the national debt drove spending higher, while over the past decade it’s been mainly Social Security. Like any consumption tax, the VAT is inherently.

The legislation is modeled after a bill Sanders first proposed in. and the median credit card interest rate is 21 percent, drowning people in consumer debt. Feeling the squeeze, nearly 90 percent.

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