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A bipartisan credit card interest cap bill has sparked significant debate over if the bill amounts to “debanking on steroids” or if it provides “meaningful relief to working people.”legislation that would cap credit card interest rates at ten percent for five years. This follows remarks from then-candidate Donald Trump in September when he floated capping interest rates at ten percent.at a campaign rally in Long Island. “We’re going to cap it at around 10%. We can’t let them make 25 and 30%.
“We cannot continue to allow big banks to rip off Americans by charging outrageously high credit card interest rates,” SandersAlthough the proposal has bipartisan support, Republicans and libertarian policymakers, as well as industry insiders, believe that the cap is “unworkable” and would limit Americans’ access to credit.
Lindsey Johnson, the president and CEO of the Consumer Bankers Association, said in a statement to Breitbart News: Those in favor of capping interest rates believe that it would serve as financial relief to those who have been suffering from the recent economic turmoil.that the average credit card rate is 28.6 percent, even though banks can borrow from the Federal Reserve at 4.5 percent. The release about the bill also stated that high interest rates and fees have allowed credit card companies to make significant profits at the expense of the average American.
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