A bipartisan effort in Congress seeks to cap credit card interest rates at 10%, with Republican Senator Josh Hawley and progressive Senator Bernie Sanders leading the charge. This proposal, aimed at addressing the growing issue of credit card debt, has gained renewed attention due to President Trump's support. While the banking industry opposes the measure, citing concerns about limiting credit access, proponents argue that it would provide much-needed relief for struggling Americans.
Are you tired of high interest rates? Are you struggling to pay your credit card bill each month?There's a bipartisan debate underway in Congress to cap interest rates — and it involves an unlikely pair of lawmakers.Republican senator Josh Hawley of Missouri has partnered with longtime progressive senator Bernie Sanders of Vermont to propose a cap on credit card interest rates at 10%.Right now the national average rate for existing credit cards is over 21%, according to Wallethub.
RELATED STORY | About a month into 2025, are significant price drops on the horizon?While this proposal is not a new one and has been introduced by various lawmakers over the years with no success, the reason some are hopeful this time is because President Trump actually endorsed the proposal at a September campaign rally.'While working Americans catch up, we're going to put a temporary cap on credit card interest rates at 10%. We have no choice,' he said at the time.
CREDIT CARD DEBT INTEREST RATES LEGISLATION CONGRESS BANKING INDUSTRY
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