May 15, 2019
Should credit-card interest be capped at 15%?
Democratic presidential primary contender Senator Bernie Sanders and Representative Alexandria Ocasio-Cortez have unveiled a plan to cap credit-card interest rates at 15%:
Under the “Loan Shark Prevention Act,” the annual percentage rate applicable to any extension of credit would not be allowed surpass 15% on “unpaid balances, inclusive of all finance charges” or “the maximum rate permitted by the laws of the State in which the consumer resides.” Continue Reading...