15% credit card rate cap

Bernie Sanders Credit Debt Policy

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Bernie’s Credit Debt Policy – 15% Top Rate

Bernie Sanders promises that if elected he would reign in the credit card companies and banks regarding fees and interest rates. He wants to make America out of debt again.

You Have Been Fleeced!

Loan sharks charging exorbitant interest rates have moved from the shadows of the criminal underworld to broad daylight in corporate boardrooms.

You’re not going to see Jamie Dimon — the CEO of JPMorgan Chase — lurking in a dark alley. He doesn’t need to. Thanks to sky high fees, usurious interest rates, and plain Wall Street greed he’s now worth $1.4 billion.

Millions of people now pay credit card interest rates as high as 30 percent. That’s not banking. That’s loan sharking. And it’s time to stop it.

That is why I am introducing the Loan Shark Prevention Act in the Senate.
This plan will cap credit card interest rates at 15 percent
 so that we can stop financial institutions from extorting the American people.

I’m inviting you to become a citizen co-sponsor of the Loan Shark Prevention Act. While I am introducing this plan with some of my colleagues in Congress, I want to send an unmistakable message to big banks that our movement is right alongside us.

Add your name as a citizen co-sponsor of the Loan Shark Prevention Act to cap credit card interest rates at 15 percent. Let’s show big banks that their time of ripping off the American people is over.

ADD YOUR NAME

It didn’t always used to be this bad for consumers. But a Supreme Court decision in 1978 overturned state-based interest rate caps, which were as low as 8 percent. Congress capped credit union interest rates at 15 percent in 1980. And as recently as 1991, the Senate voted for a 14 percent cap on credit card interest rates.

Those days are long-gone. Now big box stores issue credit cards to customers with interest rates around 27 percent. That means if you buy a bed mattress for $600 on a store card, you’ll pay an additional $162 in interest.

Call it what you will — usury, extortion, loan sharking — in any case, it is an unacceptable burden.

Companies and their CEOs are getting rich off of this, of course. The CEO of American Express walked away with $370 million in total compensation. Stores like Macy’s and Kohl’s make at least 35 percent of their TOTAL income from interest rates on credit cards.

In addition to capping credit card interest rates, I want to allow the Postal Service to offer banking options. We need to expand access to banking for people left behind by big banks.

The American people are sick and tired of being ripped off by the same financial institutions that they bailed out ten years ago. They are sick and tired of being extorted by credit card companies. It is time for us to take decisive action.

Will you add your name here to support capping credit card interest rates at 15 percent? Please add your name as a citizen co-sponsor of my Loan Shark Prevention Act and to show support for expanding banking options.

In solidarity,

Bernie Sanders

Credit card companies are modern-day loan sharks, charging usurious interest rates up to 30 percent. This is extortion. And Bernie has a plan to stop it. Add your name as a citizen co-sponsor of the Loan Shark Prevention Act to stand up to big banks ripping off the American people.

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Important Numbers From AOC and Bernie

It’s important for you to know how things are progressing in the Democratic Party primary campaigns.
Bernie and Alexandria Ocasio-Cortez (AOC) are working for your benefit in this Party’s wealth of talent and idealism.

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Alexandria Ocasio-Cortez and Bernie Sanders have some important numbers for you.

money bag capitolism

  • $113 billion: how much Americans paid last year in interest on credit cards — 50 percent more than just five years ago.
  • 35 percent: how much of Macy’s and Kohl’s total income, at least, came from credit card interest they charge customers.
  • $1.4 billion: how much JPMorgan CEO Jamie Dimon is worth, thanks to sky high fees, usurious interest rates, and plain Wall Street greed.
  • 15 percent: what Bernie and AOC’s new plan will cap credit card interest rates at, so companies stop extorting the American people.
  • 1: signature we need from you to become a citizen co-sponsor of Bernie’s plan in the Senate to cap credit card interest rates at 15 percent.

Add your name as a citizen co-sponsor of the Loan Shark Prevention Act to send an unmistakable message to financial companies and bank CEOs that it is time to stop ripping off consumers.

stop credit card rate rip offADD YOUR NAME

Paid for by Bernie 2020

(not the billionaires)

PO BOX 391, Burlington, VT 05402

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