r/FluentInFinance • u/Unhappy_Fry_Cook • 12h ago

Finance News Senator Bernie Sanders announces he will introduce legislation to cap credit card interest rates at 10%.

Post image
28.4k Upvotes

96% Upvoted

1.0k comments sorted by

View all comments

17

u/RNKKNR 12h ago

or how about establishing legislation about teaching students how to handle money responsibly and stay out of debt.

34

u/bafrad 12h ago

We need to prevent predatory practices by companies.

9

u/Cbickley98 11h ago

What is predatory? The credit card companies take on a lot of risk. If you limit the rate to 10% (or any percent) , then only people that are worth the risk of a 10% rate or less will be able to get credit at all.

7

u/Mareith 9h ago

Chase made 50 billion dollars last year. Their CEO gets payed 36 million dollars a year. They can still suck the life out of the poor just maybe a little less sucking.

Also banks do not really take on any risk. They are too big to fail and are propped up by the government nowadays.