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Senator Sanders: Read our plan to end Wall Street greed:
Bernie Sanders
May 9
Excerpt:
Today’s modern-day loan sharks are no longer lurking on street corners, threatening violence to collect their payments. Today’s loan sharks wear expensive suits and work on Wall Street, where they make hundreds of millions of dollars in total compensation by charging sky-high fees and usurious interest rates, and head financial institutions like JP Morgan Chase, Citigroup, Bank of America, and American Express.
Last year, credit-card companies raked in nearly $180 billion in revenue from interest and fees. This year, they are expected to charge Americans $122 billion in interest payments alone.
Despite the fact that banks can borrow money today at less than 2.5 percent from the Federal Reserve, the median credit-card interest rate today for consumers is an astounding 21.36 percent.
If you get a credit card from a store like Macy’s, Kohl’s, or Lowe’s, interest rates are even higher. Stores like these are charging customers an average interest rate of more than 27 percent. And many of the stores rely on these high-interest-rate cards for more than a third of their revenue. Incredibly, Macy’s earned almost 40 percent of its revenue from these cards and Kohl’s recently made 35 percent of its total profit from high-interest-rate cards.
What this means is that if you buy a $500 refrigerator from Lowe’s or Home Depot on one of their credit cards, you will likely owe an additional $136 in interest.
While credit-card companies are ripping off the middle class, the CEOs of large financial institutions are making out like bandits.
https://medium.com/SenSanders/senator-bernie-sanders-and-representative-alexandria-ocasio-cortez-s-plan-to-stop-big-banks-and-1817c205587b
