Ocasio-Cortez teams up with Bernie Sanders to introduce bill capping ‘outrageously high’ credit card interest rates

But critics claimed capping the interest rate would shrink the market, hurting Americans who rely on small borrowers.

“The people who need access and who depend on credit cards to cover large transactions between paychecks are usually those who cannot otherwise gain access to credit and loans from banking institutions,” said Yaël Ossowski, the deputy director of the Consumer Choice Center. “If a cap on rates is passed, these borrowers will be pushed out of the credit card market and will be forced to take out loans at exorbitant rates by other, possibly illegal, means.”

https://www.nydailynews.com/news/politics/ny-ocasio-cortez-sanders-legislation-credit-card-interest-20190509-bpssron5azf2rlxuenavsfu3nq-story.html

Yaël Ossowski is an international consumer activist and writer. His writings and interviews have appeared in newspapers, magazines, and online outlets across the world in multiple languages. He is founder and editor of Devolution Review, deputy director at the Consumer Choice Center, and senior development officer for Students For Liberty. He was previously a national investigative reporter at Watchdog.org. He has a Master’s Degree in Philosophy, Politics, Economics (PPE) from the CEVRO Institute in Prague and a Bachelor's in Political Science from Concordia University, Montreal. He currently splits his time between Vienna, Austria and Charlotte, North Carolina.
Website https://yael.ca
Posts created 1637

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