Bill would cap credit card rates at 10%, echoing a Trump pledge.
Amid surging credit card interest rates and rising delinquencies, a bill with bipartisan support would cap rates at 10%, about half the current average, for five years.
The legislation would dramatically lower card rates, which average 21.5%. Even so, industry experts say the legislation could both help and hinder consumers.
The bill’s sponsors, Sens. Bernie Sanders, I-Vt., and Josh Hawley, R-Mo., chose the 10% target for a reason: On the 2024 campaign trail, President Donald Trump vowed to cap card rates at “around 10%,” at least temporarily, “while working Americans catch up.”
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