Sanders and Ocasio-Cortez are introducing legislation in their respective chambers to put a cap on credit card interest rates.
Washington, D. C. – Today, Sen. Bernie Sanders and U. S. Rep. Alexandria Ocasio-Cortez are introducing legislation in their respective chambers to put a cap on credit card interest rates.
Yael Ossowski, Deputy Director of the Consumer Choice Center (CCC), said “This measure to cap credit card interest rates may be well-intended, but it will ultimately end up hurting low-income Americans who need access to credit most desperately.”
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« By placing a cap on credit card interest rates, borrowers who would otherwise use credit cards to pay bills and buy groceries for their families will be the first ones forced out of the credit system, » said Ossowski.
« The people who need access and who depend on credit cards to cover large transactions between paychecks are usually those who cannot otherwise gain access to credit and loans from banking institutions.
