Bipartisan Credit Card Interest Cap Bill
Bipartisan bill introduced by Sens. Josh Hawley and Bernie Sanders proposes capping credit card interest rates at 10% for 5 years, sparking significant debate. Supporters argue it provides relief to working people, while opponents claim it could restrict access to credit and raise borrowing costs. Industry insiders warn of potential risks to millions of Americans' credit cards. The proposal is seen as a response to high credit card interest rates exceeding 20%.
Key Points
- Bipartisan bill introduced by Sens. Hawley and Sanders
- Proposal to cap credit card interest rates at 10% for 5 years
- Debate over whether it provides relief or restricts access to credit
- Response to high average credit card interest rates exceeding 20%
Pros
- Provides relief to working people
- Caps high credit card interest rates
Cons
- Could restrict access to credit
- May raise borrowing costs