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Published by rudy Date posted on April 14, 2010

Sanders pushes to cap credit card interest rates

Burlington, Vermont — Senator Bernie Sanders says credit card companies are no better than loan sharks when it comes to interest rates. In Washington, he spoke religious leaders and community organizers from around the country.  He says that in a recession families rely on credit cards for necessities, and interest rates topping 20% can mean ruin.

“When a gangster takes advantage of somebody who is in desperate need and charges outrageous interest rates, and they don’t pay up, they break their kneecaps,” says Sanders.  “Well, these guys in three piece suits do exactly the same thing. But they are not breaking kneecaps, they are breaking lives.”

Sanders will again push a plan to cap credit card interest rates at 15%. He says he will offer the amendment during debate over financial reform for Wall Street. –WCAX News

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