What would be the impact of a credit card interest rate cap?
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The new Congressional legislation, which has been introduced by the unlikely DUO, has been used to impose credit card interest rate capacity, which will become the potential of such bill. Donald Trump The pledge of propaganda on the topic.
Sensie Bennie Sanders, I-vt., Josh Hawley, R-M. Cover credit card interest rates Five years after the adoption of the bill. The two populist senators were the standard as a way to promise a propaganda promised by Trump’s campaign last year.
The introduction of a bill-related man support for the project can allow an idea to gain a pull, although there will be consequences for politics.
“Credit card rates have always been long-term shots, because there are many people against it, but no one should surprise that the exchange rate hat, said Fox Business, said Fox Business said.
Josh Harsi, Bernie Sanders offers credit card interest rates to 10%
Credit card interest rates can be closed by 10% under Sanders and Hawley bill. (ISTOCK)
Schultz noted that the responsible has conducted a survey that the respondents continue to support the idea of credit card interest rates, even if it means limiting credit card restrictions.
“It’s still a long shot, but there is no question that the idea is a politically kind of wind, and if you ever happen that it can happen because it can happen.”
Schultz added that the credit cards offered by Federally Chartered Credit unions: They are covered by 18%, which are still offering rewards, but are not as profitable, the higher the proposed banks. He continued that the level or 20% cap would be significant for consumers who duty to credit card, while it is possible to become a reality.
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A number of leading trading groups that represent Financial Services Industry: Sent a letter to Hawley and Sanders, who outlines their opposition with a 10% credit card interest rate offered by DUO. The signatories included the Association of Consumer Banks, American Credit Unions, American Financial Services, Bank Policy Institute, Independent Americans, Association of American Bankers and Association of National Bankers.
The letter cited economic research that shows that the government’s price regulation is damaging consumers, as it will “eliminate credit cards. Millions of consumers and drive them to loan sources that are much more expensive and less settled. “
Senator Bernie Sanders, I-vt. (Kevin Dietsch / Getty Images / Getty Images)
The groups said the state of Illinois forced a rate cap that Federal Reserve The survey and found was responsible for reducing the number of sub-project loans by 38%. They also referred to the study of Dartmut researchers, which were found in Oregon’s 36% for everyone, it was responsible for “to ensure, not to help, consumers,” and “restricting the entrance.”
“As responsible and regulated financial institutions, we share the goals of reducing the value of the consumer loan and to increase the financial inclusion. Push consumers much more expensive and less regulatory lenders, “groups wrote.
Senator Josh of Harsse, R-Mo. (Tom Williams-Pool / Getty Images / Getty Images)
Although it is unclear whether the Congress will discuss the legislation on credit card interest rates, Schultz noted that there are still steps that can be spent on relieving their financial burden.
“The good news is that there are many things you can make yourself to lower your interest rates without waiting for you can buy a 0% residual transfer. Credit card. You can look at a low interest rate personal credit, it’s a good option if you can’t get a 0% balance transfer card, “he said.
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“You can even call your credit card issuer and apply a lower interest rate. It was about 6 percentage points, which is really significant, “Schultz said. “Thus, it’s absolutely worth the call, as the type of success is showing that it is not only 800 credit points and people with long-term records.
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