Bernie Sanders and AOC’s intend to crack down on high-interest loans, explained

Bernie Sanders and AOC’s intend to crack down on high-interest loans, explained

Economical (but scarcer) bank cards additionally the final end of pay day loans.

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Rep. Alexandria Ocasio-Cortez (D-NY) speaks within a rally at Howard University might 13, 2019 in Washington, DC. Alex Wong/Getty Images

Sen. Bernie Sanders (I-VT) and Rep. Alexandria Ocasio-Cortez (D-NY) have deceptively simple proposal to make banking better: cap rates of interest on customer loans at 15 % per 12 months.

The avoid Loan Sharks Act is a sweeping policy proposal that would influence not only the charge card industry — one of many goals of instant protection of this bill — but additionally other sectors for the economic solutions industry. The master plan would practically expel alleged loans that are“payday and a variety of other high-interest products which are employed mostly by low-income borrowers without good credit records. Continue reading “Bernie Sanders and AOC’s intend to crack down on high-interest loans, explained”