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Bernie Sanders and Alexandria Ocasio-Cortez’s interest-rate cap could possibly be the dying knell for credit-card savings software

The lawmakers wish to cap rates on credit card bills and other debts at 15%

U.S. Sen. Bernie Sanders and Rep. Alexandria Ocasio-Cortez bring a strategy to control credit-card interest levels. But may it backfire for consumers?

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Bernie Sanders and Alexandria Ocasio-Cortez like to cover rates of interest on charge cards and various financial loans at 15per cent. But such plans wouldn’t just damage financial institutions — it could do have important risks for owners.

Sanders, a completely independent senator from Vermont, and Ocasio-Cortez, a Democratic consultant from Ny, prefer to expose guidelines they offer named the “Loan Shark Avoidance Operate.” The bill would decide, among other things, a 15percent cover on credit-card rates and permit states to produce lower controls.

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