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 (I-Vt.). (Vernon Bryant/AP)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. “There is no reason a person should pay more than 15% interest in the United States,” she said on Twitter. “I have a radical idea: Maybe Congress should stand up for ordinary people.”Credit card interest rates are outrageously high. https://t.co/tYf4J892KQ — Alexandria Ocasio-Cortez (@AOC) May 9, 2019Those with low credit scores pose the greatest risks to credit card companies, which are being more cautious as they prepare for the next recession, said R.K. Hammer, who has consulted with the credit card industry for 30 years.

Source: Washington Post May 09, 2019 12:53 UTC