Physical Address
304 North Cardinal St.
Dorchester Center, MA 02124
The “Mornings with Maria” panel gives their reactions on the December job, which details the impact of the US economy.
The new legislation of the congress, introduced by an unlikely senators duo, seeks to require a credit card -rate restriction with the possibility for such a bill to become a law -sponsored law Donald Trump Campaign promise on the subject.
The sens. Bernie Sanders, I-VT. And Josh Hawley, R-Mo., Have been introduced by legislation that restricts the credit card rate by 10% for five years following the adoption of the bill. The two populist senators designated the action as a means of promising a campaign in the Trump campaign last year.
Introducing the bill and supporting the White House for the proposal allows you to attract the idea, although they would be the consequences of politics and still face long ways to accept.
“Credit Card -Return Restrictions have always been the longest time because so many people stand up for various reasons, but you should not surprise anyone that interest rate restriction is extremely popular,” Matt Schulz, the main loan analyst of Lendingtree, said For Fox Business.
Josh Hawley, Bernie Sanders recommends limiting credit card rates at 10%
Credit card rates can be limited by 10% based on the invoice offered by Sanders and Hawley. (Istock)
Schulz said that LendingTree had conducted a poll that showed that respondents would continue to support the credit card’s upper limit, even if it has limited access to credit and reduced credit card rewards.
“This is still a long shot, but there is no doubt that the idea has a political edge, and if it ever happens, it’s probably the time like ever,” he said.
Schulz added that credit cards offered by federal leased credit cooperatives are limited to 18%, which continue to offer rewards, but are not as profitable as the larger banks. He continued that such a level or 20% ceiling would be significant for consumers dealing with credit card debt, while potentially a better chance of becoming a reality.
US credit card defaults to the highest level in 14 years
Many leading commercial groups representing the financial service industry sent letters to Hawley and Sanders, who outlined the 10% credit card rate proposed by the duo. The letter signs included the Consumer Bankers ‘Association, America’s Credit Unions, the American Financial Services Association, the Bank Policy Institute, the US independent community bankers, the US Bankers’ Association and the National Bankers Association.
The letter mentioned economic research, which shows that the government price of APR -KAKK violates consumers, partly because it “eliminates access to credit cards for millions they are regulated “.
Senator Bernie Sanders, I-Vt., Financial institutions were accused of “blackmail” and “credit shark” over 25%of the credit card cameras. (Kevin Dietsch / Getty Images / Getty Images)
The groups noted that Illinois had led an interest rate that Federal Reserve researched and found that it reduced the number of loans to secondary borrowers by 38 %. They referred to a Dartmouth researchers who found that Oregon’s 36% All-In AP caused “.
“As responsible and well -regulated financial institutions, we share the goals of reducing consumer credit costs and increasing financial inclusion. Unfortunately, the 10 % interest rate proposed by law suppresses our shared financial inclusion goals, reduce access to credit and encourage consumers to much more costly and less regulated creditors ”The groups wrote.
Consumer Watchdog warns companies against devaluation of credit card rewards, starts the device to avoid fraud
Josh Hawley, R-mo. Senator said that high credit card rams were “exploited” and the restriction would be a “meaningful relief”. (Tom Williams-Pool / Getty Images / Getty Images)
While it is not clear that Congress is considering restricting the -e -credit card rate, Schulz noted that there are still steps that consumers can do the financial burden.
“The good news is that you can do a lot of things to reduce your interest rates without waiting for the congress to be included as a cavalry at reduction interest rates. If you have good creditworthiness, you can get a 0% balance credit card. You can examine Personal loan, this is a good opportunity if you can’t get a 0% balance transfer card, “he said.
Get FOX Business by clicking HERE
“You can call your credit card issuer and ask for a lower price. Lendingtree conducted a survey last year where 76% of people who asked for a lower interest rate on one of their credit cards and average reduction and average reduction is about 6 percentage points There was something really significant, “Schulz said. “So it’s definitely worth the call, because this kind of success shows that not only people with 800 creditworthiness and long -term records get the way – the usual people who really need help.”
