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

Wednesday, January 29th, 2020

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

Economical (but scarcer) bank cards together with end of payday advances.

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Rep. Alexandria Ocasio-Cortez (D-NY) speaks during 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 proposal that is deceptively simple make banking better: cap rates of interest on customer loans at 15 per cent per 12 months.

The avoid Loan Sharks Act is just a sweeping policy proposition that will impact not only the charge card industry — one of many goals of immediate protection associated with bill — but in addition other sectors of this monetary services industry. The master plan would practically eradicate alleged “payday loans” and a selection of other high-interest products which are employed mostly by low-income borrowers without good credit records. (more…)