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351 Lawmakers Propose Cap on Credit Card Interest Rates

Slashdot
msmash @ Slashdot · 04/02/2025 10:43 EDT

Lawmakers Propose Cap on Credit Card Interest Rates

Representatives Alexandria Ocasio-Cortez and Anna Paulina Luna introduced bipartisan legislation in March to cap credit card interest rates at 10% annually as Americans' debt hits record levels. "Credit cards with high interest rates regularly trap working people in endless cycles of debt," Ocasio-Cortez said in a statement.

Credit card debt has reached $1.2 trillion in Q4 2024, up from $720 billion in the same quarter of 2004, according to Federal Reserve Bank of New York data. Average annual percentage.

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