But, facts matter and people need to be aware of them.
While I strongly support such a bill, the fact is, look at where we are with the Republicans being 100% behind every crime tRump commits, and will not work with the Democrats on anything.
You what cuts should be done? The 50 grand allowance every congressperson gets a year to “redecorate” their office. That’s what I used to make a year about two years ago! Insulting! That’s 27 mill right there to put back into Health and Ed. But Musk wipes his ass every shit he makes with that amount
How about taking into consideration how much we’ve already spent in payments and interest that is well over the original amount of the loan and let us start over interest free.
Yes. That's something that Congress can do and is so rarely discussed. Eric Swalwell @ericswalwell.bsky.social did propose this in his brief 2020 Presidential run. If Harris had been elected, we could have gotten it done. 🫤
The rates are relatively low, but the way they charge interest needs to be modified so the balance gets paid more quickly. People can pay what they owe every month and the balance will go up.
It'll be in the record they voted for profit. There's not reason to vote against this bill unless you are in the pockets of lobbyists or you stand to profit it from it yourself. Could be useful in future FCC court cases.
It seems like an interesting approach for Dems to keep bringing legislation to a vote that should have popular support across parties and be really vocal about what they are doing—especially to respond to the ways the Republicans are hurting people over time. Make them say ‘no’ on the record.
The Bible says that charging interest is wrong, so if they want Y'allqueda, they gotta follow ALL the stupid rules. Think Hegseth knows tattoos keep you from heaven?
It will be telling who fights against it. To see how many politicians lobby for the banks and against the citizens. She should also introduce a bill granting amnesty to anyone who has been working for a foreign government. Kremlin assets and so on, if they come clean. We can see who fights that.
Hawley touting the bill in the Senate? This is the same guy that was running on J6 after he stoked the flames on that day. He's my senator; a disgrace.
It won't pass capitalism necessitates the most profitable path will be taken
Sacrificing life on earth burning fossil fuels and consuming exponentially more every year is more profitable than using renewables and working less
Guess which we will do
Doubt it'll pass, but about time. There's pretty obviously a "gentleman's agreement" (aka price fixing) with card companies. I'm pretty close to an 800 credit rating and I get offers every day for 25% cards like they're doing me a favor.
It also takes not being poor and being able to pay off your balance each month. I was laid off for most of 2023 and my credit went from 790 to 650 just because I had to use my cards to survive and my balances increased. Even paying minimum on time didn’t prevent me from getting hit.
Same. Such a f-ing joke and highway Robbery. I'm paying mine off and never using again unless small amounts and paid in full. Which I used to do until some struggles.
In the early 2000s, competition was crazy. I could call credit card companies and negotiate a sub-7% interest rate lower by threatening to cancel a card. I once received a "0% interest for the life of the transfer" offer and took it - just years and years of no interest
One thing I wish is that Dems would run ads against Elon Musk only,if only as a trial balloon. Leave Trump's name out of them completely. More than anything I'm just curious to see the effect it would have. He's the de facto President ,anyway.
I’m a ‘retiree’ from credit card counseling 10 years ago. Took me 3 years to pay down / off my debt. IMO this would give millions of Americans some relief with their credit card bills - especially those resorting to credit for essentials, like food, gas or meds. So good on AOC.
Yeah, when you are poor, sometimes it is needed to get ahead. Once you can get ahead, you can use them to pay for everything and you make money as long as you pay them off every month. I have been able to change my usage and make thousands in the process.
Credit card interest rates are disgusting. My credit score is excellent and most all but 1 of my cards are over 20%, my Care Credit crept up to 34%!!!! Almost done paying it off and then closing it. Problem with closing a CC it drops your score too for a few months.
*Credit scores are utter BS too
Eesh. I have a care credit but screw that thing. I will not even broach paying 34 %. The sooner this country fails, the better. Let the rich fall to purgatory.
🙄 Thanks, mansplainer - I LITTERALLY addressed that several times. Yes, it will drop but only a few months. If I leave it open, they'll close it on me and that's worse for your credit.
Let them send you an inactivity notice, use it on a purchase and turn around and pay it off (when it's safe for you to do) and then make them do it again 😉
This definitely works. I keep a card with a 30% rate that I've had forever just b/c of the potential hit to my score if I cancel. I make one $5 purchase annually to keep it active. Pay it online before I even get the bill.
A grace period of 12 days or so should be given beyond a due date before a late fee kicks in. And the late fee should be capped or eliminated. They’re already getting interest, so it seems like they’re adding junk fees I on top of the already ridiculous interest rate.
That sounds nice but that's not going to go anywhere these guys are getting paid by the credit card companies Elon Musk just started a credit card company didn't he some kind of another payment company but he plans on ripping people off with
The should happen just as a matter of natural justice but you've lost sight of that in modern US.
Especially as trump has been green lighted to do what he wants.
Let’s introduce a bill to close corporate loopholes instead.
How about this?
Every corporation that makes more than $100 million in revenue pays the fucking taxes they owe. Period. No fucking loopholes. No exceptions. Just pay the tax owed.
I think you have to read it that way because it might not do anything to really help and may even make things worse for people. No access to credit cards with cash back and additional protections that debit doesn't have would be bad.
This sounds good but it isn't
It just means a lot of people will not get credit cards
These sorts of price controls are non-productive
Like rent control
They just lead to worse outcomes
Better to attack the true drivers of poverty and inequality of opportunity
Not this
Americans want the freedom to pay higher prices and understand that suffering is necessary so that we have the privilege of transferring all our wealth to the ultra wealthy.
She doesn’t. Dickhead said he would drop interest rates on credit cards to 10%. So AOC introduced the bill knowing it won’t get passed, and then she can say he didn’t meet one of his stupid promises. Works for me
You left someone out, I’m sure it was an oversight 🙄
Washington, D.C.– Representative Alexandria Ocasio-Cortez (NY-14) and Representative Anna Paulina Luna (FL-13) introduced legislation that would immediately cap credit card interest rates at 10%.
https://youtu.be/dsiU0P-swYE?si=DGx3_54mnuNfuAL0
Party for Socialism& Liberation is a Marxist leninist feminist anti-imperialist revolutionary partyFor 21 years.The 2024 election proved the party has more support than ever. We have always had owners&rulers. Workers of the world unite we have nothing to lose but our chains
I wish. Right now it’s ENTIRELY usury. Specifically targeting people who have low incomes. They pay minimum or a bit more but can’t pay the whole thing at once. It’s usury
This should pass with ease, but half the country has been convinced by Republicans and organizations like Fox, that they neither deserve nor need things like a cap on credit card rates or a basic national healthcare system.
The CEO of JP Morgan Chase, Jamie Dimon, is a staunch Trump supporter. Chase is the biggest issuer of credit cards. While it's a great idea, and way overdue . This time, there is some Republican support, so 🤞🤞
Terms and Conditions clearly state "future ability to pay". Many life events neutralize that future ability to pay. Credit extension is Banker Russian Roulette, don't pay none of it.
Also make them pay for stuff they use but say they don’t own. “ This BMW isn’t mine, it belongs to an off shore company “. Fine . Calculate what it would cost to hire and then charge 20%tax on that.
Sure it is. It’s a real problem to exorbitantly high interest rates on credit cards. AOC is one of the only ones doing the activism everyone wants to see Dems engage in otherwise. This is just extra and is probably part of a strategy.
Now if you created a bill that CAPs loan rates to 3%, people who only gets a 5% COLA on a fixed income could afford a home in 90 years.
Regardless of the worth of the property, rent & lease amounts should be CAPPED so that COLA isn't taken by property management. Otherwise COLA only helps the owner
this one I don't agree with. what will happen is less people will have access to credit. the rates are tied to the primate rate and credit cards are an unsecured risk for banks. meaning if your credit isn't stellar you won't be able to have one since banks are not in the money losing business
If your wage is low, then start with a low credit limit. Lower risk by lowering initial amounts and let people get a history of making payments while actually being able to pay OFF the credit they incurr. Barely making minimum payments that never lower the balance due to interest rates is no favor.
People who would get denied credit now pay the highest rates. Maybe they COULD pay their credit card bills if they weren't paying almost 30% interest. Not having access to credit isn't worse than scrambling to make the minimum payment on your card while your credit rating tanks.
they pay higher rates because they are higher risk. I know each state has it own airtime laws. I can see lowering that rate nationally but an arbitrary 10% isn't realistic.
If a person NEEDS credit cards for survival, we need to address the situation in which, regularly, you need to borrow at a 29.9% interest rate for necessities. That's like justifying loan sharks as 'But people need the cash, and the loanshark is taking the risk.'
Let’s see if Johnson will let it come to the floor. If it does, how many Republicans will vote against their constituents. Will they try to make the lives of their constituents better, or will they vote in favor of credit card companies making even more money. HMMMMM…..
And she/we should be loud about it so it doesn’t get lost in obscurity and people know it was an option. People don’t like getting screwed over by corporations and have shown some inclination to unite against things that hurt everyone financially ( like United Health).
And it should pass. That’s one of the things they said they would accomplish. @aoc.bsky.social is one of the rock stars! We need more of her and @repjasmine.bsky.social.
I love her so much. She and a few others are keeping me sane and giving me hope for the future. Now, let's make that a near future not a so far away future.
Never gonna pass. If her, Jasmine Crokett, and Justin Jones, and Al are the only people in congress that have balls and don't accept corporate money to a vulgar excess, then there are not enough votes.
They don’t care! They’re done pretending that they care about their actual constituents, as proved by their cancelling of town halls all over the country… that’s fine! Midterms are coming and we have VERY good memories.
NEVER FORGET POORLY EDUCATED MISINFORMED BRAINWASHED EXTREMELY IGNORANT CHRISTIAN NATIONALIST NOTZIS ELECTED A RACIST CON ARTIST TWICE IMPEACHED 34 FELONY CRIMINAL THIEF CHILD πOLESTING ADJUDICATED RAPIST WHO STOLE TOP SECRET CLASSIFIED DOCUMENTS THEN SOLD NUCLEAR SECRETS TO SAUDIS FOR $2 BILLION!
This totally makes sense I heard to investigate trumps taxes it would take well over 100 tax auditors! They just don’t have the people and time for the millionaires and billionaires so we the people just keep getting screwed
NEVER FORGET POORLY EDUCATED MISINFORMED BRAINWASHED EXTREMELY IGNORANT CHRISTIAN NATIONALIST NOTZIS ELECTED A RACIST CON ARTIST TWICE IMPEACHED 34 FELONY CRIMINAL THIEF CHILD πOLESTING ADJUDICATED RAPIST WHO STOLE TOP SECRET CLASSIFIED DOCUMENTS THEN SOLD NUCLEAR SECRETS TO SAUDIS FOR $2 BILLION!
Fabulous idea.
Should have happened ages ago though.
I doubt that this will work.
The banks are very powerful. And they wouldn’t give up a cent for anyone.
The perks are minimal compared to the profit card fees and interest bring into the company, even when you are paying a membership fee. It would be insincere to claim card companies are generous with any of their services.
I don’t carry a balance and my points paid for my vacation. Yet, compared to the harm they do to the people of this country, the benefits you and I receive are nothing. If they can’t survive on 10% interest, they shouldn’t have built a business model that only succeeds through exploitation.
Unfortunately, this will likely result in many cardholders being dropped or refused credit. Companies will only take folks with stellar credit ratings.
Yeah, like that will even make it out of committee. The Repugnicants introduced their own bill recently to raise overdraft fees to $35! Let’s see which one they back. BTW ~ I support the AOC bill. It used to be that way a long time ago.
It's all part of a system that keeps the poor poor so the rich can be/come richer. Banks are just another kind of loan shark, but one that pretends to be ... so classy...
I hope it passes. Credit cards currently make loan sharks blush! I am beginning to like AOC. Between this and telling people their rights regarding police "knock and talks" I am becoming a fan.
Let’s not forget our loan payments like on our vehicles and homes and bigger purchases - my APR on my car payment is 26% 😥 on top of already being $350/m
Banks and credit card companies could charge 5%, eliminate late fees and still make huge profits. I hope that this bill gets through however, we all know that Republicans don't like caps on anything that makes corporations even wealthier.
How about taking off the cap on social security contributions.The Social Security contribution cap for 2025 is set at $176,100, meaning earnings above this amount are not subject to Social Security taxes. Both employees and employers contribute 6.2% on earnings up to this limit.
It’s a messaging bill. The point of it is that trump promised to cap all credit cards at 10%. when the Republicans vote against it, or refuse to send it to the floor you then argue trump lied about one of many the many policies he campaigned on. “ no tax on tips” etc
I think we’re all here waiting for less messaging, more bills that give immediate relief where it’s needed most. Finance, healthcare, education, environment et al 🙏💗✨
We would all love bills that give actual relief, but the Democrats are the minority. As the minority they can’t pass any legislation or decide on which bills make it to the floor for a vote. All they can do is try to show what they would want to do and call out what the Republicans vote against.
I still think it would be better for them to come up with those bills and make the Republican to go through the process and go on the record as opposing them.
This bill would give lots of relief to many Americans caught in the endless loop of credit card debt. Idk what this is supposed to mean. Whatever you introduce will just get shot down, that’s the problem. What does it matter if the contents of the bill don’t feel substantial to you?
It’s worth noting that at a capped 10% rate, a lot of people won’t qualify for credit cards. Banks would only give credit to those with above-average credit records. Capping rates at 15% to 18% would reduce that problem.
Yeah, I’m sure that’ll pass. Don’t get excited this is not about giving the people of the United States of America America a fucking break. This is about taking everything that we have left and leaving us with absolutely nothing
And she needs to work with Paulina Lunatic and Josh Hawley to get that done? What the fuck happened to her? There should be ZERO "working together" with ANY member of the GQP on ANY bills. Wtf is this shit?
Comments
Republicans will never do a single thing that will help the average American.🤬
I muted a couple of people because every idea or positive thought I posted they yucked.
Man, don’t be going around yucking every bodies yum. Shits hard enough as it is.
But, facts matter and people need to be aware of them.
While I strongly support such a bill, the fact is, look at where we are with the Republicans being 100% behind every crime tRump commits, and will not work with the Democrats on anything.
I get up to fight every morning too.🤷
With educational costs outpacing inflation, the account needs to come out balanced.
Otherwise the available funds decrease over time. No one should trust Congress to replenish.
I don’t even know why an interest rate is needed for investing into our citizens education.
File them and be vocal about it. If R tries to bury them, attach them to everything that moves. Leave copies in every college cafeteria.
Am I missing something?
I just think Dems can put their time to better use at the moment.
I mean in normal times, I'd be all about it, but....
Things ain't normal.
Republicans don't care though. As long as the rich get their tax cuts, the poor can die in droves.
It won't pass capitalism necessitates the most profitable path will be taken
Sacrificing life on earth burning fossil fuels and consuming exponentially more every year is more profitable than using renewables and working less
Guess which we will do
It takes using credit, never missing a minimum, and time.
(That card has no balance on it, and hasn't for years.)
(Or would be, if the Dems actually had their shit together...)
He actually said he’d get rid of it, so he should be totally fine with 10% cap. ✅
*Credit scores are utter BS too
Criminal!
It’s put up or shut up time, Republicans!
Let’s make them live up to their promises.
https://ocasio-cortez.house.gov/media/press-releases/ocasio-cortez-luna-introduce-bill-cap-credit-card-interest-rates-10
—Wayne Getzky
—Michael Scott
—Squirrel Leftovers
It’s being a hate filled maga slave of the trump/musk/vance evil regime that’s paralyzing.
Resistance can also include forcing opposition to vote “no” on the record on issues w/a clear benefit to people vs corporations.
Or being held to account for overreaching executive powers?
Especially as trump has been green lighted to do what he wants.
How about this?
Every corporation that makes more than $100 million in revenue pays the fucking taxes they owe. Period. No fucking loopholes. No exceptions. Just pay the tax owed.
To be honest, the high interest rate keeps me from buying—I already have enough dumb purchases
Better to control yourself and support lower interest so many can get out of debt easier.
It just means a lot of people will not get credit cards
These sorts of price controls are non-productive
Like rent control
They just lead to worse outcomes
Better to attack the true drivers of poverty and inequality of opportunity
Not this
Americans want the freedom to pay higher prices and understand that suffering is necessary so that we have the privilege of transferring all our wealth to the ultra wealthy.
They don’t need it, but they alone deserve it.
AOC wants 10%
Let’s compromise at 15%
Washington, D.C.– Representative Alexandria Ocasio-Cortez (NY-14) and Representative Anna Paulina Luna (FL-13) introduced legislation that would immediately cap credit card interest rates at 10%.
Party for Socialism& Liberation is a Marxist leninist feminist anti-imperialist revolutionary partyFor 21 years.The 2024 election proved the party has more support than ever. We have always had owners&rulers. Workers of the world unite we have nothing to lose but our chains
Concentrate on regaining control of the House and Senate, also the Presidency then introduce bills to eliminate this corruption in the future!!
https://youtu.be/SZ8psP4S6BQ?feature=shared
Just saying…
🙏❤️💕
Who wants to help the American people? Not republicans
Regardless of the worth of the property, rent & lease amounts should be CAPPED so that COLA isn't taken by property management. Otherwise COLA only helps the owner
a bill that would provide for the general welfare a1s8cl1
regulate commerce a1s8cl3
is necessary and proper a1s8cl18
is in pursuance thereof a6s2
and
upholds oath a6s3
CREDIT CARDS
ARE
A
SCAM!
Probably won’t pass. But the Republicans will look bad for voting it down.
"The house is burning". 🥵. Priority is to protect lives!
Also, realistically, the bill isn't going anywhere, ATM. I could be wrong though.
Of course I'll get penalized for that through a credit score dip
Once you pay it off, you should start to see your score creep back up
Should have happened ages ago though.
I doubt that this will work.
The banks are very powerful. And they wouldn’t give up a cent for anyone.
Make it easier to declare bankruptcy instead.
There are much safer ways to invest money for a 10% return.
Banks wouldn't bother issuing credit cards.
Unless that's the goal it makes more sense to make bankruptcy easier to protect people.
https://ocasio-cortez.house.gov/media/press-releases/ocasio-cortez-luna-introduce-bill-cap-credit-card-interest-rates-10
I hope it passes. Credit cards currently make loan sharks blush! I am beginning to like AOC. Between this and telling people their rights regarding police "knock and talks" I am becoming a fan.
Probably offer her money to drop this bill
Millions will lose out on credit because a smaller percentage of people can't handle managing money.