Posted 9/11/2023, 9:44:42 PM

Hawley Proposes Capping Credit Card Rates at 18% as Debt Tops $1 Trillion

Senator Josh Hawley proposes capping credit card APR at 18% as rates hit 28% and debt tops $1 trillion
Hawley says credit card companies encourage debt and "make a killing" on high interest rates
The Republican's proposal echoes democratic socialists' call for 15% cap on credit card rates
Hawley defends "anti-usury" plan as giving working class a chance against being "ripped off"
American Bankers Association argues price controls won't work and will restrict access to credit

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10/10/2023

Credit Card Debt Hits $1 Trillion as Lawmakers Debate Rate Caps

Lawmakers and regulators are pushing for interest rate caps and lower fees on credit cards as total credit card debt surpasses $1 trillion and the average interest rate reaches a record high of over 21%; however, it remains unclear if these measures will be successful due to lack of support and opposition from the financial services industry.