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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/ …
If I had to guess, I'd assume this would lead to less people getting credit card applications approved.
I have a lot of faith that "real" democrat Wasserman-Schultz will do what she can to torpedo this bill, much like that time a payday lending bill came up before.
and once again those drowning in student loan debt are left out of the equation. gives new meaning to “being poorly educated”...
#F*StudentLoans
@SenSanders is my candidate but has yet to address the student loan debt issue in the way that Warren has. We need our trillions in debt forgiven or we face a major financial crisis. We already live it individually but it will get worse. #bailoutthepeople
i am not the biggest fan of @SenSanders because of how he chose to address this topic in the last campaign. but i can agree that this topic has not been addressed to the degree that @ewarren has addressed it. i would be interested in hearing @CoryBooker also.
As if 15% isn't too much. It only looks good in comparison to the appalling usurious rates charged now.
Cool. Now start working to elect Elizabeth Warren, the candidate who’s been devoted to this issue for decades and actually knows how to move legislation through the system as it exists and not how she wishes it to be.
To be clear I agree with you guys on next to nothing, but I agree with you on this. It's a shame what Payday Loan companies get away with. I spent most my twenties in debt to them. They pray on vulnerable and desperate people.
There's a big difference between 300% interest and 15%. If passed as is, this bill would end all credit to people with expected default rates higher than roughly 8 or 9% annualized. People would literally need a FICO score of 700 to get any loan or credit card.
Fair & reasonable? No. Fair & reasonable is under 10%. But 15% is more than we're likely to get. And probably not gonna even be voted on by the almighty McConnell.
Narrator: It has no chance of passing.
PayDay lending business shouldn't have been allowed to even start.
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