US EditionBipartisan bill would cap credit card interest rates at 10%
- Virginia is considering Senate Bill 1252, which would cap consumer interest rates at 12 percent, except as permitted by law, affecting loans like mortgages and credit cards.
- Senators Josh Hawley and Bernie Sanders proposed a bipartisan bill to cap credit card interest rates at 10 percent for five years, aiming to alleviate consumer debt burden.
- 77% of surveyed individuals support a cap on credit card interest rates, which currently average 21.47% and unpaid balances charge 22.80%.
- Critics, including the Consumer Bankers Association, argue that interest rate caps could reduce credit access and increase costs for consumers, as reported by The New York Times.
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Hawley and Sanders team up to fight credit card interest rates. Instead, they risk harming consumers. - R Street Institute
This week, Sen. Josh Hawley (R-Mo.) and Sen. Bernie Sanders (I-Vt.) introduced bipartisan legislation to cap credit card interest rates. The legislation would immediately cap rates at 10 percent and keep those rates in place for five years. The legislation is an attempt to provide financial relief to Americans struggling with credit card debt. It... The post Hawley and Sanders team up to fight credit card interest rates. Instead, they risk harmi…
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Leaning Left2Leaning Right10Center8Last UpdatedBias Distribution50% Right
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C 40%
R 50%
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