AOC teams up with Florida Republican Rep. Anna Paulina Luna for bill capping credit card interest at 10%

https://nypost.com/2025/03/09/us-news/aoc-teams-up-with-florida-republican-rep-anna-paulina-luna-for-bill-capping-credit-card-interest-at-10/?utm_source=reddit.com

30 comments

  1. There are people in another sub that thinks this is a bad thing. Weird.

  2. I thought sanders and hawley already made a bill doing the same thing?

  3. Nah. This won’t work. They give you 30 days free already. That’s an elective purchase, most of the time .

    They need to keep hedge funds from buying neighborhoods.

  4. Mind you, the issuers of many credit cards are banks. At least in the US, banks are some of the wealthiest corporations in the country and generate billions just from their credit card services.

    I think they can stand to make a tiny bit less from people, especially those with higher credit card debt ratios.

    This needs to pass as we enter a recession

  5. Always funny watching where they get ‘em across the aisle. But the GOP won’t cross the financial services industry.

  6. these ideas are magical thinking that falls apart under any scrutiny

  7. Do student loans next. Sallie Mae hiked the rates on mine from 8% before the pandemic to 13%.

  8. If my racist poor aunt finds out, she’ll make a case to set the minimum interest rate at 11%

  9. AOC knows what is important to Americans. She will be strong in 2028.

  11. This is a price ceiling. It will reduce available credit.

    The problem is that it hurts people trying to build credit. People with no history are risky.

    Perhaps if there were some other programs underwritten by the goven… oh yeah

  12. Idiots. Banks just won’t issue credit cards anymore to the riskiest borrowers. Instead of more regulation, maybe teach people that you should never buy something on credit? I pay off my credit card bill every month and have never carried a balance.

  14. It’ll never pass. Wayyy wayyy wayyy too many bank depend on crazy interest rates.

  15. Florida—most American families cannot afford a Disney vacation. What do they do? They get credit cards to cover the expenses, then end up paying them off for 15 years.

  16. If they’re serious about it, start a discharge petition and get the votes in the Senate. Tell Trump to put up or shut up.

  17. Cost of funds are 5% and credit losses are 5%, this is before operating costs, rewards and fraud losses. This would effectively kill the credit card industry.

  18. So this is obviously a great idea.

    With that said I promise, CC’s will just raise the merchant fees if they do this. Or they will make it so monthly fees are more common. Or do both.

    These guys aren’t giving up major revenue streams without finding others.

  19. They need to tackle payday loans. Gotta figure that out. It might tough for many at first, who live by the credit line. But long term people will hopefully behave more frugally.

  20. I have very good credit score and history. Still most of the card offers I get are at 25-35% interest.

    I used to get offers between 8-15% before deregulation

  22. Both parties will also say they don’t believe in price controls.

  24. My sibling has a credit card with 29 percent interest. That should be criminal. I hope AOC and Luna are successful

  25. Too bad I got 9.9% from the credit union- had it for years!

  27. Ending Usury would be a very christian thing to do for the nation that no one would disagree with.

  30. No no no no no no bad idea. Extremely bad idea. The reasons rates are higher is because of how inconsistent people are paying there debt without inducement. Doing this basically hikes interest rates in other areas to make up the difference in default rates. Mortgages and Car Loans will become more expensive as a result.

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