Senator Introduces Bill to Cap Credit Card Interest Rates at 18% Amid Rising Consumer Debt
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Sen. Josh Hawley introduced a bill to cap credit card interest rates at 18% to help protect borrowers.
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American credit card debt surpassed $1 trillion this summer as consumer debt grows.
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Average credit card interest rates are around 21%, the highest they've been since tracking began in 1985.
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Nearly half of credit card holders carry a balance month-to-month, up from a third last year.
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The bill aims to prevent fees and penalize credit card companies that try to circumvent the 18% rate cap.