Senator Josh Hawley Introduces Bill to Cap Consumer Credit Card Interest RatesBy Jerry Wilson
September 14, 2023
Republican Senator Josh Hawley of Missouri has introduced an amendment to the Truth in Lending Act that would limit the interest rates on consumer-held credit cards to 18 percent. The bill comes as American consumer debt has topped the $1T level for the first time in history.
“Americans are being crushed under the weight of record credit card debt—and the biggest banks are just getting richer," said Senator Hawley. "The government was quick to bail out the banks just this spring, but has ignored working people struggling to get ahead. Capping the maximum credit card interest rate is fair, common-sense, and gives the working class a chance.”
As noted above, cumulative consumer credit card debt recently surpassed one trillion dollars, the highest level in history. Last year, many major credit cards soared past the 30 percent interest rate threshold for the first time, and now the average rate of interest is hitting a record level. This means working people face higher financial burdens at the same exact time the biggest banks are booking bumper profits and wielding immense power over the market.
In his comments, Hawley states without blatancy the disastrous effects of Bidenomics on the consumer. Since Biden took office, the cumulative inflation rate is 18.6 percent. Consumer prices are continuing to rise across the board. The percentage of households living paycheck-to-paycheck in the United States is 61 percent. A further breakdown reveals this as an issue spanning all economic sectors:
* * *
Source:
https://redstate.com/jerrywilson/2023/09/14/senator-josh-hawley-introduces-bill-to-cap-consumer-credit-card-interest-rates-n2163806
