Bernie Sanders Will Spearhead New Legislation to Back Trump Credit Plan

Recently, Donald Trump suggested capping credit card penalties at 10%, and he got Senator Bernie Sanders’ (I-VT) attention with that statement.

Sanders immediately posted on X that he would completely back that idea and would craft legislation to present to the Senate when the new term starts.

I would imagine that if Sanders does present the legislation, we are going to find out what members of Congress stand behind the banking industry and which ones are for the American people.

Too Much

I am all for capitalism, but I also believe our banking system is nothing but pigs living high of the hog via the American people.

You can get money on the street from a loan shark for the same interest rates many credit card companies are charging.

These interest rates are why so many people are living in the red these days. Granted, people need to learn how to live within their means, but many of these companies target college kids, and hit them with a small spending limit and a 29.99% interest rate, knowing full well that many of them will go into default.

By my junior year, I knew at least a dozen kids who had defaulted on their credit cards, already ruining their credit reports.

To that point, Sanders posted, "During the recent campaign Donald Trump proposed a 10% cap on credit card interest rates. Great idea. Let’s see if he supports the legislation that I will introduce to do just that.”

Sanders was referring to Trump stating, "We’re going to cap it at around 10%. We can’t let them make 25 and 30%,” during his New York campaign stop right before election day.

One person who would be opposed to this right away would be Trump ally Senator Tim Scott (R-S.C.), who is on record stating that capping fees for credit card companies would "decrease the availability of credit card products for those who need it most, raise rates for many borrowers who carry a balance but pay on time, and increase the likelihood of late payments across the board."

I say if you cannot afford to pay your bill each month, then you should not have a credit card in the first place.

This policy is going to create a war in Congress on both sides of the aisle, as there are plenty of elected officials getting big bucks from banks for their campaigns.

Like I said… we are going to find out who is working for the people of this country and who is working for their donors very quickly.