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The new bill by @BernieSanders and @AOC to cap credit card interest rates at 15% is one of the most ambitious financial regulation proposals in the last few years. Let’s talk about why it’s a good idea, and some of the common arguments against it and why they don’t hold water.
Average credit card debt has been steadily increasing since 2013. The burden of this debt is mostly on the working class and especially on those who are currently unemployed or underemployed.
How did this become the case? Basically starting in the 1950’s and really taking off in the 1970’s, consumer credit became way cheaper to provide and many factors developed that hedged against the risk of providing it (credit reporting, debt buying, forced arbitration, etc.).
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