Sanders, Ocasio-Cortez propose 15% cap on credit card interest

 

Source: Laura Litvan, Bloomberg News

Democratic presidential candidate Bernie Sanders and Representative Alexandria Ocasio-Cortez accused banks of acting as “modern-day loan sharks” and called on Congress to enact a federal limit of 15% on credit card interest rates.

An outline of the plan released ahead of their formal announcement sharply criticized banks for charging on average more than 17% interest on credit card balances while they are able to borrow money at less than 2.5%. The interest rate limit they propose also would apply to payday loans.

Read Full Article: Sanders, Ocasio-Cortez propose 15% cap on credit card interest

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