Ocasio-Cortez, Sanders Advise Cap on Credit Cards

Ever feel like you can’t make a dent into the debt you’ve accumulated just trying to get by. Well Ms. Ocasio Cortez and Bernie Sanders are hoping to make a change to help people get out of credit card debt.

Calling on on Congress to enact a federal limit of 15% on credit card interest rates, you already know who is likely to oppose this opportunity for the people to make progress.

“Today’s loan sharks wear expensive suits and work on Wall Street, where they make hundreds of millions of dollars in total compensation by charging sky-high fees and usurious interest rates,” the statement said.

In an article by Bloomberg, it was pointed out that, “Americans have more than $1 trillion in credit card debt. According to figures from CreditCards.com cited by Ocasio-Cortez and Sanders, the national average interest rate on credit cards is 17.73% and many people pay much higher interest. The interest rate limit they propose also would apply to payday loans.”