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I am incredibly proud of my friends @AOC & @BernieSanders for this new legislation they have crafted that will cap the interest rates on payday loans and credit cards @ 15%.
Americans have over a TRILLION dollars in credit card debt.
It's outrageous.https://www.bloomberg.com/news/articles/2019-05-09/aoc-bernie-sanders-credit-card-interest?cmpid=socialflow-twitter-business&utm_content=business&utm_medium=social&utm_source=twitter&utm_campaign=socialflow-organic …
"It's expensive to be poor." - @AOC
In her first piece of legislation, @AOC has teamed up with @BernieSanders to radically reign in the fees and exorbitant interest rates on credit cards & payday loans.
It's fair, reasonable, necessary bill. I love it.https://theintercept.com/2019/05/09/alexandria-ocasio-cortez-bernie-sanders-bank-legislation/ …
GOP:
Not allowing credit card companies and pay day lenders to rip people off will turn us into Venezuela 
Aaahhh I see, you're against people getting a living wage, to meet their basic living costs, AND you're also opposed to allowimg them to get credit to help them with meeting those needs!
If they want to enter a consensual agreement with a debtor and the agreed upon interest rate is 25% due to their awful credit history, IMO that’s the banks choice. This will make banks take fewer risks with a 15% cap, thus extending less credit to those who need it most.
And ... there it is. For now at least, the federal government can’t force credit card companies to issue cards. So I hope AOC and her fans don’t whine too loudly when the only people who can get credit are those with 700+ FICO scores. Unintended consequences and all that.
“Banks are gonna be greedy a**holes anyway so we should make it easy for them” that’s what you’re saying. They aren’t doing us a favor by letting us get credit cards, that’s how they make their money. They aren’t just going to stop doing that because the interest rate is capped
Yep it’s all about the evil, greedy banks. You nailed it. 
Lmao who is it about then? Do you think payday loans are for helping people? You genuinely think that anything a bank or money lender does has any motive besides making as much money as possible? Imagine being that naive
Wanna hear from @Franklin_Graham, @JerryFalwellJr and other "leaders of conscience." The Bible is very clear usury is a sin. I'll wait....
You'll be waiting for a long time. Scripture is out-the-window when it comes to these matters. Unless of course they're passing the plate.
But why does the federal government need to get involved with this? Can't state and local governments control usury?
No, they can’t. In 1978 the Supreme Court nullified all state laws to control this kind of usury. This legislation would bring back state powers to set even lower caps.
To be a little more specific, states can actually constrain payday lending, although many of them don’t. It’s credit card rates that they currently can’t control because banks are allowed to offer rates nationally according to the laws of the state where they are domiciled.
They should also look at 401k loans. They are riddled with fees.
That’s because you aren’t supposed to access your 401k before retirement except for limited things like a house purchase, which is a financial bad idea due to low rates for home loans and tax benefits to both (including 401Ks)
BTW I’m not insulting people who used their 401K via loans or early withdrawal, as I’ve done BOTH. In my 20s I was fortunate to start earning low six figures & even @ that income I did not have $ mgmt skills. I got upside down & used them to catch up #stupid
In the Roman Empire anything over 8% was considered usury and lenders could have their hands removed for charging it.
You know I had to get one of these loans once because I made bad financial choices and was more or less irresponsible. I never had to again because I got my shit together and paid my bills . Novel concept huh?
The point is that rather than making excuses and enabling people why not teach them how to avoid the same mistakes over and over again and then expecting the government to make it all better. How hard is it to simply educate people. There's no greater gift
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