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New legislation in the Congress, which was presented by the unlikely Senators, is to impose a credit card ceiling, with the possibility of the draft law to become such a law with the help of the president by the president. Donald Trump The campaign pledged on this topic.
SENS. Bernie Sanders, I-VT, Josh Hawley, R-MO. , Legislation that would achieve interest rates on the credit card by 10 % for a period of five years after the enactment of the bill. Popular Senate members described this measure as a way to fulfill the campaign pledged by the Trump campaign last year.
The introduction to the bill can allow the White House support to suggest the idea to gain traction, although there are consequences for politics and still faces a long way to legislate.
“The credit card price covers have always been the longest long shots because there are many people lining up against them for various reasons, but no one should surprise that the maximum rate is common,” Matt Schools, chief credit analyst at Lindingtree, told Fox Business.
Josh Holie, Bernie Sanders suggests a 10 % credit card interest rate
Credit card interest rates can be 10 % under an invoice provided by Sanders and Holly. (Istock)
Chuls said that Lindingtree conducted a poll that showed that the respondents continued to support the idea of a credit card, even if that means restricted access to credit and decreasing credit card rewards.
“It is still a long snapshot, but there is no doubt that the idea is political with some winds in its back at the present time, and if that happens, this may be the low time ever.” He said.
Schools added that the credit cards offered by the legal credit federations are crowned by 18 %, which are still providing bonuses but not profitable like those provided by large banks. He went on to say that the maximum level on this level or that 20 % will be important for consumers who deal with credit card debts with a better opportunity to become a reality.
The US credit card assumptions rise to the highest level in 14 years
Several leading commercial groups representing the financial services industry sent a letter to Holie and Sanders, whose opposition to the maximum interest rate on the proposed credit card is 10 %. The signatories of the letter included the Bankers Association for Consumers, American Credit Credit, the American Financial Services Association, the Institute of Banking Policy, Independent Community Banking, the American Bankers Association and the National Bureau of Banqueers.
The message was cited with economic research, which shows that the preparation of government prices on APR caps harm consumers, in part due to “the cancellation of access to credit cards for millions of consumers and push them to credit sources that are more expensive and less organized.”
Senator Bernie Sanders, the first, accused the financial institutions “extortion” and “loan participant” for the presence of interest rates on the credit card by more than 25 %. (Kevin Lietsch / Getty Images / Getty Images)
The groups noted that the state of Illinois imposed a price ceiling, which was discussed by the Federal Reserve and found it responsible for reducing the number of loans to the mortgage borrowers by 38 percent. They also referred to a study conducted by researchers in Dartmouth who found Oregon’s ceiling by 36 % of all in “harm, not help, and consumers on average” and “restricting access caused a deterioration in the comprehensive financial state of Oregon’s families.”
“As well responsible and organized financial institutions, we share the goals of reducing the cost of consumer credit and increasing financial inclusion. Unfortunately, the maximum rate of 10 percent proposed in this legislation will lead to strangling our joint financial goals, reduces access to credit and the groups wrote that Consumers have pushed consumers to more expensive and less organized lenders.
Consumer monitoring is warned against reducing the value of credit card rewards, and launches a tool to avoid fraud operations
Senator Josh Holie, R-MO, said. , The high interest rates of credit cards and their expansion will provide “meaningful relief.” (Tom Williams-Pool / Getty Images / Getty Images)
Although it is unclear whether Congress will consider legislation that determines the interest rates of credit cards, Schults noticed that there are still steps that consumers can take to reduce their financial burden.
“The good news is that there are a lot of things that you can do yourself to lower your interest rate A low -interest personal loan, this is a good option if you can’t get a 0 % balance transfer card. “
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“You can even call your credit card source and ask for a lower price. Celsius is really important. ” “So it is not worth the invitation at all, because this type of success rate shows that not only people with 800 credit and long traumors are the paths who get their way – it’s also ordinary people who really need help.”