Senators Hawley and Sanders seek to limit credit card interest rates to 10 percent.
Senators Josh Hawley of Missouri and Bernie Sanders of Vermont jointly introduced a bill to cap credit card interest rates at 10 percent, a concept that President Trump suggested during his 2024 election campaign. The restriction would beginning immediately and be effective for five years.
“Working Americans are drowning in record credit card debt while the biggest credit card issuers get richer and richer by hiking their interest rates to the moon,” Senator Hawley stated. “It’s not just wrong, it’s exploitative. And it needs to end. Capping credit card interest rates at 10%, just like President Trump campaigned on, is a simple way to provide meaningful relief to working people.”
The Missouri senator pointed out, “Credit card interest rates are out of control. Rates have DOUBLED in recent years. In 2022 alone, credit cards charged Americans $105 billion in interest.”
“When large financial institutions charge over 25 percent interest on credit cards, they are not engaged in the business of making credit available. They are engaged in extortion and loan sharking,” Senator Sanders stated. “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.”
As the Lord Leads, Pray with Us…
- For the senators as they promote the restriction of interest rates on credit card balances.
- For the president and members of his administration as they seek to improve the cost of living for Americans.
Sources: The Hill, Fox News
