President Donald Trump backed lowering credit card interest rates during his 2024 campaign, and the bill appears to attempt to hold him to his promise.
“When large financial institutions charge over 25 percent interest on credit cards, they are not engaged in the business of making credit available,” Sanders said in a statement. “They are engaged in extortion and loan sharking. We cannot continue to allow big banks to make huge profits ripping off the American people. This legislation will provide working families struggling to pay their bills with desperately needed financial relief.”
If passed, the bill would immediately cap all credit card interest rates at 10% for five years. The senators cited a recent Forbes article showing the average credit card interest rate at
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