Bernie Sanders Credit Debt Policy
Cancel ALL student loan debt and make college debt-free for everyone, thanks to a tax on Wall Street gambling!
Add your name: we’re going to cancel ALL student loan debt and make college debt-free for everyone, thanks to a tax on Wall Street gambling. Please support our plan.
Today, an entire generation is burdened with a lifetime of student debt that leaves them less likely to own a home, and with lower wages and more debt than generations before them. We should not be punishing people for getting a college education.
It’s time to hit the reset button.
That is why today I am proud to introduce a plan in Congress with Reps. Ilhan Omar and Pramila Jayapal that will guarantee college as a right for all and that will cancel ALL student debt — $1.6 trillion owed by 45 million Americans, gone within six months.
And Wall Street is going to pay for the whole thing.
Our plan is revolutionary. Here is what we are going to do:
- College must be a right for everyone, so tuition will be free at all public colleges and universities.
- We’re going to cancel all $1.6 trillion in existing student loans.
- Provide additional assistance to students who need it to make college fully debt-free.
- Cap future student loan rates at 1.88% interest.
Wall Street is going to pay small taxes on their gambling — and those taxes will pay for our entire plan.
Sound good? Add your name if you agree:
We need the best-educated workforce in the world if we’re going to compete effectively in the global economy. To do that, we must make certain that every person in this country who has the desire can get all the education they need — regardless of their race, their gender, their ZIP code, or the income of their family.
A full and complete education, from child care through college, must be a human right accessible to anyone who wants it.
It is a tragedy that hundreds of thousands of young people are giving up their dream of going to college because it is too expensive. And it is absurd that we have, at the same time, sentenced an entire generation to a lifetime of debt for doing simply what was expected of them — getting a college education.
That’s not what America is supposed to be about. So we’re going to do something about it.
In 2008, Wall Street created a crisis of its own, and in return got a government bailout worth trillions of dollars. It was the biggest taxpayer bailout in history.
Now it’s time for Wall Street to pay it back.
We are going to cancel all student debt. We are going to make public colleges and universities tuition-free and debt-free. We’re going to create an economy that works for all of us, not just the top one percent.
And we’re going to do it together.
Add your name if you agree:
Together we can change our country. Thank you.
In solidarity,
Bernie Sanders
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.
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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.
In solidarity,
Bernie Sanders
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Paid for by Bernie 2020
PO BOX 391, Burlington, VT 05402
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.
Alexandria Ocasio-Cortez and Bernie Sanders have some important numbers for you.
- $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.
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Paid for by Bernie 2020
PO BOX 391, Burlington, VT 05402
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