Credit Card Interest Rates Hit 30-Year High, Sparking Calls for Government Cap

The average interest rate for new credit card offers has reached 22.75%, its highest level in 30 years, according to a new report.

Interest rates rose the most for people with excellent credit, with an 18% increase over the past year.

U.S. consumers had $1.23 trillion in credit card debt as of last month, 7% higher than a year ago.

In a survey, 56% of Americans described the current average interest rate as "crazy high."

86% of survey respondents said the government should cap credit card interest rates.