Sanaders and AOC introduce a bill that caps credit card interest at 15%...

[Winehole23]

...and establishes postal banks.

Every other developed country in the world has postal banking, and we actually did too. It is important to remember this forgotten history as we begin to talk seriously about reviving postal banking because the system worked and it worked well. Postal banking, which existed in the United States from 1911 to 1966, was in fact so central to our banking system that it was almost the alternative to federal deposit insurance, and served as such from 1911 until 1933. The system prevented many bank runs during a turbulent time in the nation’s banking history—essentially performing central banking functions before the Federal Reserve was up to the task. Postal banking helped fund two world wars and reduced a massive government deficit after the Great Depression.

the bill: https://www.sanders.senate.gov/downl...=1&inline=file

[Winehole23]

There are 34 million un and underbanked American households, which translates into 28% of the population. And consider what this second-class status translated into in fees and other charges:

The average underserved household has an annual income of about $25,500 and spends about $2,412 of that just on alternative financial services fees and interest. That amounts to 9.5 percent of their income. To put that into perspective, that is about the same portion of income that the average American household spends on food in one year.5 In 2012 alone, the underserved paid some $89 billion in fees and interest.

https://www.nakedcapitalism.com/2019...ings-bank.html

[ducks]

Why use credit cards ?
Banks are doing nothing wrong.
Do not like high interest do not use them. A friend hit a loan from loan mart 800 percent interest very bad credit.

[boutons_deux]

Great intentions for paving the road of progress, but ...

the oligarchy has too much power, will keep USA on the road to .

what's the solution? the ONLY solution? the historical solution?

"Vive la Revolution"

"Aux Barricades, les Enfants de la Patrie"

[Winehole23]

Why use credit cards ?
Banks are doing nothing wrong.
Do not like high interest do not use them. A friend hit a loan from loan mart 800 percent interest very bad credit.

People with very bad credit and no access to credit need money too.

Why do credit card companies offer them credit cards?

[ducks]

If we keep letting illegals in more would be in credit card debt.

[Winehole23]

If we keep letting illegals in more would be in credit card debt.

weird business model, eh?

[boutons_deux]

People with very bad credit and no access to credit need money too.

Why do credit card companies offer them credit cards?

dialoguing with ducks?

[ducks]

People with very bad credit and no access to credit need money too.

Why do credit card companies offer them credit cards?

Money that is why people do a lot of things.
If you owned the company you would do the same.
That is why several businesses offer free interest for 6 months hoping you can not pay it off by then.

[Winehole23]

dialoguing with ducks?

it's pretty much the definition of indoctrination that the very first reply I got defended the profits of credit card companies.

[ducks]

Yes how dare credit card companies make money
If they did not no more credit card companies and all those people no jobs

[boutons_deux]

Money is a utility, like electricity, water, it should be provided as a non-profit utility

Scale the Bank of North Dakota to nationwide. A non-profit public bank, with branches in USPS.

back at the oligarchy to , because the oligarchy has been ing the USA and the planet to .

[baseline bum]

If we keep letting illegals in more would be in credit card debt.

Probably one reason why Trump doesn't want to stop their flow in.

[Winehole23]

Money that is why people do a lot of things.
If you owned the company you would do the same.
That is why several businesses offer free interest for 6 months hoping you can not pay it off by then.

they also get state and US Reps to carry bills with language favorable to them. if only they did the same for regular citizens!

[CosmicCowboy]

So will Nancy let it out of committee?

[Winehole23]

Yes how dare credit card companies make money
If they did not no more credit card companies and all those people no jobs

We've capped it in the past to levels significantly lower than today.

[Winehole23]

So will Nancy let it out of committee?

To say nothing of the Senator from MBNA, for that matter.

[Will Hunting]

So will Nancy let it out of committee?

Unlikely.

[pgardn]

Why use credit cards ?
Banks are doing nothing wrong.
Do not like high interest do not use them. A friend hit a loan from loan mart 800 percent interest very bad credit.

Do you use a credit card?

[Winehole23]

up to a third of Americans are un/underbanked; postal banking offers a number of efficiencies, both for the depositor and the broader economy.

[Chucho]

Sounds good. Big Finance wont let it happen, but a great gesture.

[Winehole23]

Sounds good. Big Finance wont let it happen, but a great gesture.

It doesn't have to be a fleeting gesture. It's a great idea. It can come up again.

[Spurminator]

Predictably, the go-to talking point for Republicans is some variety of

Democrats want to hand banking over to the Post Office

[boutons_deux]

up to a third of Americans are un/underbanked; postal banking offers a number of efficiencies, both for the depositor and the broader economy.

BigFinance will block public banking, will block USPS banking, will block capping cc interest rates.

Nobody can with BigFinance's profits

=========

Consumers Paid $34.3B In Overdraft Fees In 2017

https://www.pymnts.com/news/banking/2018/banking-overdraft-fees-cfbp-credit-unions/

... is about 30% of ALL bank profits in some years.

================

Now that the Repugs have destroyed CFPB:

Consumer Bureau proposes new rules limiting debt collector calls, but allowing emails, texts

https://www.cnn.com/2019/05/08/politics/consumer-bureau-debt-collectors-calls/index.html


=============

Republicans move to abolish CFPB

Ted Cruz reintroduces bill to eliminate “farce” agency

https://www.housingwire.com/articles...o-abolish-cfpb

================

Repugs have killed the fiduciary rule, so financial advisors can again optimize THEIR profits with your money, not your profits.

============

And of course it was Repugs who passed the law saying College Debs are NEVER to be written off, even in bankruptcy, or even death (lenders going after survivors for the deceased's college debts)

[CosmicCowboy]

They need to privatize the post office instead of giving them banking too.