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

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

Cheaper (but scarcer) bank cards and also the final end of pay day loans.

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Rep. Alexandria Ocasio-Cortez (D-NY) talks 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 a deceptively easy proposal to make banking better: cap rates of interest on customer loans at 15 per cent per 12 months.

The avoid Loan Sharks Act is a sweeping policy proposition that will influence not merely the charge card industry — one of the most significant objectives of instant protection associated with bill — but additionally other sectors associated with monetary solutions industry. (more…)

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