Bernie Sanders, Ocasio-Cortez want to cap credit card interest rates at 15 percent
The 15 percent cap on credit card interest rates would be the same as the one Congress imposed on credit unions in 1980, said Sen. Bernie Sanders . By Renae Merle Renae Merle Reporter covering white-collar crime and Wall Street Email Bio Follow May 9 at 11:15 AM Sen. Bernie Sanders and Rep. Alexandria Ocasio-Cortez will introduce legislation on Thursday to cap credit card interest rates at 15 percent, a steep reduction from current levels.
In addition to a 15 percent federal cap on interest rates, states could establish their own lower limits under the legislation. The 15 percent cap would be the same as the one Congress imposed on credit unions in 1980, Sanders said. For borrowers with high credit scores, the average rate was 17.73 percent last week, compared with 16.71 percent a year ago. For those with poor credit scores, the average is now about 24.99 percent, compared with 23.77 percent a year ago.The difference in the increase is about 20 basis points higher for customers with a low credit score. A basis point is a common way to measure changes in percentages.
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