Newsweek - In a bipartisan move aimed at financial reform, Representatives Alexandria Ocasio-Cortez and Anna Paulina Luna have introduced legislation that would cap credit card interest rates at a maximum of 10 percent. The proposed cap is a stark reduction from current rates, which average around 21 percent, according to the St. Louis Fed.
"During his campaign, President Trump pledged to cap credit card interest rates at 10 percent. We're making that pledge more than a talking point by introducing legislation to protect working people from remaining trapped under mountains of debt," Ocasio-Cortez said in a press release...
As of December 2024, Americans hold $1.21 trillion in credit card debt, an increase of $45 billion from September 2024, per New York Fed data. What's more, 7.18 percent of U.S. credit card debt is in serious delinquency, meaning Americans are facing potential credit score damage, increased financial stress and the looming threat of collections.
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