Senator Introduces Bill to Cap Credit Card Interest Rates at 18% Amid Soaring Debt
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Senator Josh Hawley introduced a bill to cap credit card APRs at 18% to help working people struggling with record high credit card debt.
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Credit card debt recently surpassed $1 trillion as people cope with inflation and rising costs.
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Banks profit from higher interest rates while working people face greater financial burdens.
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The current average credit card APR is 24.37%, the highest since 2019.
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If passed, the law would restrict credit card companies from imposing new fees to evade the cap and penalize violators.