The vast majority of both Republican and Democratic primary voters support Rep. Alexandria Ocasio-Cortez and Sen. Bernie Sanders’ plan to cap credit card interest rates.
Nearly 70% of Republican primary voters and 73% of Democratic primary voters said they either support or strongly support the proposal, according to a new INSIDER poll.
Overall, about 68% of respondents said they either support or strongly support the plan and 10% oppose the rate-capping component of the Loan Shark Prevention Act.
The two progressive lawmakers rolled out their legislation last week. The bill would set credit card interest rates at 15%, about 6% lower than the current median interest rate.
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The vast majority of both Republicans and Democrats who said they plan to vote in the 2020 presidential primary support legislation rolled out by Rep. Alexandria Ocasio-Cortez and Sen. Bernie Sanders last week that would cap credit card interest rates at 15% .
Nearly 70% of Republican primary voters and 73% of Democratic primary voters said they either support or strongly support the proposal to cap rates at 15%, according to a new INSIDER poll. Just over 60% of respondents who don’t plan to vote in the 2020 presidential primaries also said they support the bill, known as the Loan Shark Prevention Act.
Just 13% of GOP primary voters were opposed to the idea, while 7% of Democratic primary voters were opposed.
Read more: Here’s how Americans rank the 2020 presidential candidates on the political spectrum
INSIDER specifically asked Americans whether they support or oppose a law that would cap credit card interest rates at 15%, noting that the current median interest rate for a credit card is about 21.36%.
Overall, about 68% of respondents said they either support or strongly support the plan and 10% oppose it.
Support for the cap was consistent across income levels, but higher-income respondents appeared to support the proposal more strongly than the average respondent — though the sample size was too small to draw any specific conclusions.
Read more: 57% of Americans who’ve already paid off their student loans support Elizabeth Warren’s plan to cancel 42 million Americans’ college debt
Under the proposed law, the annual percentage rate applicable to any extension of credit would be capped at 15% on “unpaid balances, inclusive of all finance charges” or “the maximum rate permitted by the laws of the State in which the consumer resides.”
In short, the bill would impose the cap on credit-card interest rates at the federal level and allow states to establish even lower interest rates. The bill would also give the Federal Reserve flexibility to allow lenders to charge higher rates if it’s determined the federal cap “would threaten the safety and soundness of financial institutions.”
The median credit-card interest rate was 21.36% as of last week, compared with 12.62% a decade ago, according to Creditcards.com. Meanwhile, Americans collectively hold more than $1 trillion in credit-card debt, according to the Federal Reserve.
The law would …read more
Source:: Business Insider