Legislation to Cap Credit Card Interest Rates

SOURCE www.foxnews.com
Legislation introduced to cap credit card interest rates at 10% to provide economic relief for Americans drowning in credit card debt. Proposal supported by both Democrats and Republicans, aiming to end the practice of charging exploitative interest rates by big banks.

Key Points

  • Americans are drowning in a record-breaking $1.17 trillion in credit card debt
  • Proposal seeks to cap credit card interest rates at 10% for the next five years
  • Support from both Democrats and Republicans

Pros

  • Provides economic relief for hard-working Americans
  • Aims to end the practice of charging high credit card interest rates

Cons

  • May face opposition from credit card companies and financial institutions
  • Concerns about restricting access to credit for low-income consumers