Reps. Luna and AOC team up on bipartisan effort to cap interest rates on credit cards at 10%

[1srelluc]

Reps. Luna and AOC team up on bipartisan effort to cap interest rates on credit cards

The companion bill in the Senate was filed by Sen. Josh Hawley, R-Mo., and Sen. Bernie Sanders, I-Vt.

justthenews.com

Rep. Anna Paulina Luna, Republican of Florida, and Rep. Alexandria Ocasio-Cortez, Democrat of New York, are teaming up on bipartisan effort to limit interest rates on credit cards.

"For too long, credit card companies have abused working class Americans with absurd interest rates, trapping them in an almost insurmountable amount of debt," Luna wrote on X alongside a photo of herself and Ocasio-Cortez.
"We need a fair solution — and that means getting rid of the status quo and putting a reasonable cap on interest rates."

Luna also wrote on X that "most Americans agree that insane credit card interest rates are PREDATORY and need to stop!"

The companion bill in the Senate was filed by Sen. Josh Hawley, R-Mo., and Sen. Bernie Sanders, I-Vt.

The legislation would cap credit card interest rates at 10%.

Credit card interest rates can be pretty crazy. Hell, they are crazy.

If this goes through the lenders will just stop giving cards to poor people.

A good thing IMHO.

I remember a time in the late 70s when I could not qualify for a CC even though I owned a home and had a good, well-paying job.

Then they started issuing them to anyone with a pulse. What could go wrong?

 

[Mashmont]

Reps. Luna and AOC team up on bipartisan effort to cap interest rates on credit cards

The companion bill in the Senate was filed by Sen. Josh Hawley, R-Mo., and Sen. Bernie Sanders, I-Vt.

justthenews.com

Rep. Anna Paulina Luna, Republican of Florida, and Rep. Alexandria Ocasio-Cortez, Democrat of New York, are teaming up on bipartisan effort to limit interest rates on credit cards.

"For too long, credit card companies have abused working class Americans with absurd interest rates, trapping them in an almost insurmountable amount of debt," Luna wrote on X alongside a photo of herself and Ocasio-Cortez.
"We need a fair solution — and that means getting rid of the status quo and putting a reasonable cap on interest rates."

Luna also wrote on X that "most Americans agree that insane credit card interest rates are PREDATORY and need to stop!"

The companion bill in the Senate was filed by Sen. Josh Hawley, R-Mo., and Sen. Bernie Sanders, I-Vt.

The legislation would cap credit card interest rates at 10%.

Credit card interest rates can be pretty crazy. Hell, they are crazy.

If this goes through the lenders will just stop giving cards to poor people.

A good thing IMHO.

I remember a time in the late 70s when I could not qualify for a CC even though I owned a home and had a good, well-paying job.

Then they started issuing them to anyone with a pulse. What could go wrong?

Like with so many things, prior leftwing interference caused the situation that the leftwing is griping about now.

Recall 0bama put forth the Credit Card Accountability Responsibility and Disclosure Act of 2009 which limted late fees, annual fees, monthly fees, and activation fees. The industry had to make up for those losses somehow so they were forced to raise interest rates.

Other examples:
The left forced the Boy Scouts to allow gay leaders. Then when these gays molested boys, the left screamed "Boy Scout Pedophilia!!" That led to the neutering of the Boy Scouts by forcing them to allow girls. The entire goal from the outset was to eliminate the BSA or at least neuter it.

The left rails against bankrupt SS. Sanders is pushing for another tax increase on the rich to prop up SS. But the left caused the entire problem by upping all the original conditions of SS and then stealing the big pile of money and using it for their pet projects.

 

[rightwinger]

Reps. Luna and AOC team up on bipartisan effort to cap interest rates on credit cards

The companion bill in the Senate was filed by Sen. Josh Hawley, R-Mo., and Sen. Bernie Sanders, I-Vt.

justthenews.com

Rep. Anna Paulina Luna, Republican of Florida, and Rep. Alexandria Ocasio-Cortez, Democrat of New York, are teaming up on bipartisan effort to limit interest rates on credit cards.

"For too long, credit card companies have abused working class Americans with absurd interest rates, trapping them in an almost insurmountable amount of debt," Luna wrote on X alongside a photo of herself and Ocasio-Cortez.
"We need a fair solution — and that means getting rid of the status quo and putting a reasonable cap on interest rates."

Luna also wrote on X that "most Americans agree that insane credit card interest rates are PREDATORY and need to stop!"

The companion bill in the Senate was filed by Sen. Josh Hawley, R-Mo., and Sen. Bernie Sanders, I-Vt.

The legislation would cap credit card interest rates at 10%.

Credit card interest rates can be pretty crazy. Hell, they are crazy.

If this goes through the lenders will just stop giving cards to poor people.

A good thing IMHO.

I remember a time in the late 70s when I could not qualify for a CC even though I owned a home and had a good, well-paying job.

Then they started issuing them to anyone with a pulse. What could go wrong?

Should have been capped a long time ago. Interest rates above 20 percent are predatory.

Also charging a $35 late fee on a payment that is a few days late. You are already charging high interest, why a late fee?

 

[Darkwind]

Should have been capped a long time ago. Interest rates above 20 percent are predatory.

Also charging a $35 late fee on a payment that is a few days late. You are already charging high interest, why a late fee?

Taxrates above 5% are predatory.

 

[okfine]

Being in bed with the banks. Like GW Bush. I remember when he sided with banks to increase the monthly minimum credit card payments.

Bush Crawls Into Bed With the Money Lenders

If only George W. Bush were content to merely market nights in the Lincoln Bedroom or issue some questionable pardons, the public would be much better off. But no, the new President has taken the art of selling White House access to an unprecedented level, with disastrous consequences for...

www.thenation.com

 

[Manonthestreet]

Reps. Luna and AOC team up on bipartisan effort to cap interest rates on credit cards

The companion bill in the Senate was filed by Sen. Josh Hawley, R-Mo., and Sen. Bernie Sanders, I-Vt.

justthenews.com

Rep. Anna Paulina Luna, Republican of Florida, and Rep. Alexandria Ocasio-Cortez, Democrat of New York, are teaming up on bipartisan effort to limit interest rates on credit cards.

"For too long, credit card companies have abused working class Americans with absurd interest rates, trapping them in an almost insurmountable amount of debt," Luna wrote on X alongside a photo of herself and Ocasio-Cortez.
"We need a fair solution — and that means getting rid of the status quo and putting a reasonable cap on interest rates."

Luna also wrote on X that "most Americans agree that insane credit card interest rates are PREDATORY and need to stop!"

The companion bill in the Senate was filed by Sen. Josh Hawley, R-Mo., and Sen. Bernie Sanders, I-Vt.

The legislation would cap credit card interest rates at 10%.

Credit card interest rates can be pretty crazy. Hell, they are crazy.

If this goes through the lenders will just stop giving cards to poor people.

A good thing IMHO.

I remember a time in the late 70s when I could not qualify for a CC even though I owned a home and had a good, well-paying job.

Then they started issuing them to anyone with a pulse. What could go wrong?

Pretty sure mine is ridiculous despite owning the cards for yrs. Use mostly on vacation, or ordering something which I rarely do. My god libs doing something to benefit entire populace instead of special interests.

 

[my2¢]

“We’re going to cap interest rates at around 10%,” Trump, September 18, 2024.

 

[Moonglow]

Like with so many things, prior leftwing interference caused the situation that the leftwing is griping about now.

Recall 0bama put forth the Credit Card Accountability Responsibility and Disclosure Act of 2009 which limted late fees, annual fees, monthly fees, and activation fees. The industry had to make up for those losses somehow so they were forced to raise interest rates.

Other examples:
The left forced the Boy Scouts to allow gay leaders. Then when these gays molested boys, the left screamed "Boy Scout Pedophilia!!" That led to the neutering of the Boy Scouts by forcing them to allow girls. The entire goal from the outset was to eliminate the BSA or at least neuter it.

The left rails against bankrupt SS. Sanders is pushing for another tax increase on the rich to prop up SS. But the left caused the entire problem by upping all the original conditions of SS and then stealing the big pile of money and using it for their pet projects.

other examples: The lawsuits over boys being molested and sued are from a time before they allowed gay scoutmasters.

 

[Moonglow]

“We’re going to cap interest rates at around 10%,” Trump, September 18, 2024.

Moar lies.

 

[Moonglow]

Pretty sure mine is ridiculous despite owning the cards for yrs. Use mostly on vacation, or ordering something which I rarely do. My god libs doing something to benefit entire populace instead of special interests.

Unlike the GOP.

 

[Polishprince]

The effect of capping interest rates will make it a lot harder for people who are higher risks to get issued credit in the first place.

 

[Mashmont]

other examples: The lawsuits over boys being molested and sued are from a time before they allowed gay scoutmasters.

No, they didn't ask whether they were gay or not. Then when it was found gay scoutmasters were molesting, the BSA banned them, but the leftwing forced them to accept gay scoutmasters.

 

[jwoodie]

The effect of capping interest rates will make it a lot harder for people who are higher risks to get issued credit in the first place.

Then the Dems will create an FDIC system for credit cards, making everyone else pay for them.

 

[Dont Taz Me Bro]

If this goes through the lenders will just stop giving cards to poor people.

A good thing IMHO.

Yeah, it will be great when that person making $40k a year gets smacked with a $2,000 bill to fix their car and only transportation to work and can't do it because they no longer have access to credit.

"I'm from the government and I'm here to help."

 

[Toddsterpatriot]

Reps. Luna and AOC team up on bipartisan effort to cap interest rates on credit cards

The companion bill in the Senate was filed by Sen. Josh Hawley, R-Mo., and Sen. Bernie Sanders, I-Vt.

justthenews.com

Rep. Anna Paulina Luna, Republican of Florida, and Rep. Alexandria Ocasio-Cortez, Democrat of New York, are teaming up on bipartisan effort to limit interest rates on credit cards.

"For too long, credit card companies have abused working class Americans with absurd interest rates, trapping them in an almost insurmountable amount of debt," Luna wrote on X alongside a photo of herself and Ocasio-Cortez.
"We need a fair solution — and that means getting rid of the status quo and putting a reasonable cap on interest rates."

Luna also wrote on X that "most Americans agree that insane credit card interest rates are PREDATORY and need to stop!"

The companion bill in the Senate was filed by Sen. Josh Hawley, R-Mo., and Sen. Bernie Sanders, I-Vt.

The legislation would cap credit card interest rates at 10%.

Credit card interest rates can be pretty crazy. Hell, they are crazy.

If this goes through the lenders will just stop giving cards to poor people.

A good thing IMHO.

I remember a time in the late 70s when I could not qualify for a CC even though I owned a home and had a good, well-paying job.

Then they started issuing them to anyone with a pulse. What could go wrong?

Bad idea. Bad from them. Bad from Trump. Bad.

 

[Mac-7]

Yeah, it will be great when that person making $40k a year gets smacked with a $2,000 bill to fix their car and only transportation to work and can't do it because they no longer have access to credit.

"I'm from the government and I'm here

High interest rates are not a problem if you pay off your card each month

Dont spend more on your card than you can pay back when the bill comes in

 

[1srelluc]

Yeah, it will be great when that person making $40k a year gets smacked with a $2,000 bill to fix their car and only transportation to work and can't do it because they no longer have access to credit.

"I'm from the government and I'm here to help."

LOL....Given it takes a month to get an appointment in my AO to get something fixed what is he going to do in the meantime?

 

[initforme]

Like with so many things, prior leftwing interference caused the situation that the leftwing is griping about now.

Recall 0bama put forth the Credit Card Accountability Responsibility and Disclosure Act of 2009 which limted late fees, annual fees, monthly fees, and activation fees. The industry had to make up for those losses somehow so they were forced to raise interest rates.

Other examples:
The left forced the Boy Scouts to allow gay leaders. Then when these gays molested boys, the left screamed "Boy Scout Pedophilia!!" That led to the neutering of the Boy Scouts by forcing them to allow girls. The entire goal from the outset was to eliminate the BSA or at least neuter it.

The left rails against bankrupt SS. Sanders is pushing for another tax increase on the rich to prop up SS. But the left caused the entire problem by upping all the original conditions of SS and then stealing the big pile of money and using it for their pet projects.

So you root for the credit card companies?

 

[NewsVine_Mariyam]

Should have been capped a long time ago. Interest rates above 20 percent are predatory.

Also charging a $35 late fee on a payment that is a few days late. You are already charging high interest, why a late fee?

Because that's how they make their money, it's like free money especially if the economy can be manipulated.

The only mistake that consumers make is thinking that they do any of this to be "helpful".

 

[RhodyPatriot]

Reps. Luna and AOC team up on bipartisan effort to cap interest rates on credit cards

The companion bill in the Senate was filed by Sen. Josh Hawley, R-Mo., and Sen. Bernie Sanders, I-Vt.

justthenews.com

Rep. Anna Paulina Luna, Republican of Florida, and Rep. Alexandria Ocasio-Cortez, Democrat of New York, are teaming up on bipartisan effort to limit interest rates on credit cards.

"For too long, credit card companies have abused working class Americans with absurd interest rates, trapping them in an almost insurmountable amount of debt," Luna wrote on X alongside a photo of herself and Ocasio-Cortez.
"We need a fair solution — and that means getting rid of the status quo and putting a reasonable cap on interest rates."

Luna also wrote on X that "most Americans agree that insane credit card interest rates are PREDATORY and need to stop!"

The companion bill in the Senate was filed by Sen. Josh Hawley, R-Mo., and Sen. Bernie Sanders, I-Vt.

The legislation would cap credit card interest rates at 10%.

Credit card interest rates can be pretty crazy. Hell, they are crazy.

If this goes through the lenders will just stop giving cards to poor people.

A good thing IMHO.

I remember a time in the late 70s when I could not qualify for a CC even though I owned a home and had a good, well-paying job.

Then they started issuing them to anyone with a pulse. What could go wrong?

Yeah, this is bad.