Bernie Sanders, the outspoken Senator from Vermont, has found common ground with President-elect Donald Trump on the issue of capping credit card interest fees. While their political ideologies may differ on many fronts, Sanders sees Trump’s proposal to limit interest rates on credit cards to 10% as a step in the right direction.
Here are some key points surrounding this issue:
- Sanders believes that it’s time to hold Wall Street accountable for charging exorbitant interest rates, especially on working-class individuals struggling to make ends meet. He views Trump’s campaign promise to cap credit card interest fees as a positive development.
- President Joe Biden attempted to lower credit card late fees earlier this year, but faced opposition from a federal judge. Trump, during his presidential campaign, had vowed to impose a cap of around 10% on credit card interest rates.
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The current average interest rate for credit cards stands at 21.5%, a figure Sanders deems unjust, particularly during challenging times like the COVID-19 pandemic. He referred to these high rates as “immoral” and criticized big banks for profiting off the financial struggles of Americans.
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Despite their political differences, Sanders expressed willingness to work with the Trump administration towards fulfilling the promise of capping credit card interest rates at 10%. He took to social media to emphasize the urgency of addressing this issue and preventing big banks from exploiting consumers through unreasonable interest rates.
As Sanders, aged 83, embarks on another six-year term in the Senate, his commitment to advocating for fair financial practices remains steadfast. The collaboration between political adversaries on critical issues like credit card interest fees serves as a beacon of hope in a divisive political landscape. Moving forward, it is imperative for policymakers to prioritize the financial well-being of all Americans by enacting meaningful reforms to protect consumers from exploitative practices.
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