And while wealthier households can afford to pay down credit cards quickly, lower-income households struggle to do so and can trap themselves further and further into debt.
The legislation introduced Thursday by Sen.
The average credit card interest rate is somewhere between 19 and 20 per cent, but can go upwards of 30 and 40 per cent, depending.
Ocasio-Cortez discussed her observations as a representative from an urban congressional district in NY.
He tied himself to Ms. Ocasio-Cortez at a critical time.
In the joint livestream Thursday, Ms. Ocasio-Cortez said she shares Mr. Sanders' concerns that credit card companies and big banks have been given a blank check to charge poor people "extortion-level interest rates".
Ocasio-Cortez said tightening the interest rate rules was a moral issue.
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Sanders also pointed out that most major world religions have banned usury, because it is "disgusting" and exploits people who are economically vulnerable, as Ocasio-Cortez indicated agreement with him.
Sanders has raised the proposed legislation before, during his 2016 bid for the presidency, as well as in 2009 during congressional debate over the CARD Act, which added modest protections for credit card users. It's often hard for low-income people to access credit at all, and when they do, they're more likely to have poor credit and to take out subprime credit cards with high interest rates.
The bill would allow the Federal Reserve to temporarily permit higher borrowing rates if needed to help keep institutions afloat, but for no more than 18 months. At the time, First of Omaha mailed out unsolicited credit cards to potential credit customers in other states with the higher interest rates allowed in Nebraska.
The bill is unlikely to become law with Republicans in control of the Senate and the White House, and expected intense opposition from the financial services industry.
Biden earned 46 per cent support from the registered voters polled, and Sanders earned only 14 per cent. Several high-profile candidates, like Senators Kamala Harris of California and Cory Booker of New Jersey, have pushed for policies that would curb the financial industry and provide better support to struggling borrowers. Elizabeth Warren, another contender for the nomination, has portrayed the current frontrunner, former vice-president Joe Biden, as a champion of the credit card industry.