Credit Card Interest Cap Bill Sparks Division: ‘Debanking on Steroids’ or ‘Relief for Working People’

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Title : Credit Card Interest Cap Bill Sparks Division: ‘Debanking on Steroids’ or ‘Relief for Working People’
Link : Credit Card Interest Cap Bill Sparks Division: ‘Debanking on Steroids’ or ‘Relief for Working People’

A bipartisan credit card interest cap bill has sparked significant debate over if the bill amounts to “debanking on steroids” or if it provides “meaningful relief to working people.”

On Tuesday, Sens. Josh Hawley (R-MO) and Bernie Sanders (I-VT) introduced legislation that would cap credit card interest rates at ten percent for five years. This follows remarks from then-candidate Donald Trump in September when he floated capping interest rates at ten percent.“While working Americans catch up, we’re going to put a temporary cap on credit card

interest rates,” Trump said at a campaign rally in Long Island. “We’re going to cap it at around 10%. We can’t let them make 25 and 30%. ”The average credit card interest rate exceeds 20 percent, according to BankRate, and has risen over the past decade. “We cannot continue to allow big banks to rip off Americans by charging outrageously high credit card interest rates,” Sanders said in a statement to the New York Times. (Read More)