“Americans are being crushed under the weight of record credit card debt,” the Missouri Republican told the news site RealClearPolitics.
“The government was quick to bail out the banks just this spring, but has ignored working people struggling to get ahead,” Hawley told RealClearPolitics. Hawley said that capping credit card rates was a “fair” and “common-sense” way to give “the working class a chance.
”Sen. Josh Hawley plans to introduce legislation that would set an 18% cap on credit card interest rates, according to a report.APR is determined by the credit card issuer, which examines a customer’s credit score.Chase, American Express, Citigroup, Capital One, and Bank of America are among the largest issuers of credit cards in the country. The Post has sought comment from the American Bankers Association, the lobby representing the nation’s lenders. Hawley’s proposal closely mirrors those which have been proposed by progressive lawmakers including Rep. Alexandria Ocasio-Cortez and Sen. Bernie Sanders . In 2019, Ocasio-Cortez and Sanders introduced the Loan Shark Prevention Act which sought to cap credit card APR at 15%.National household credit card debt surpassed $1 trillion, according to the Federal Reserve Bank of New York.In comments to RealClearPolitics, Hawley pushed back on criticism that his proposal was to the left of those proposed by Democrats, including President Joe Biden. “We have a long history in this country of statutes, at the state and a federal level, that prevent what we used to call usury – an old-fashioned word for ripping off working people, and we need to get back to it,” Hawley said. The senator took aim at credit card issuers, telling RealClearPolitics: “We know what they’re doing.” “They’re out there actively encouraging and finding new ways to get consumers indebted — they hike rates, and they can make a killing on it,” Hawley said. “The government was quick to bail out the banks just this spring, but has ignored working people struggling to get ahead,” Hawley told RealClearPolitics.low- and middle-income Americans who are strugglingThis year, credit card delinquencies have hit 3.8%, while 3.6% have defaulted on their car loans, according to a study by Moody’s.
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