Tell Congress: Protect consumers. Cap credit card interest rates at 10%
It’s Faiz from More Perfect Union. Last year, credit card interest rates hit an all-time high average of 28%. Some interest rates you can get today are as high as 34.74%! You can do the math here yourself. U.S. consumers hold $1.17 trillion in credit card debt, these super high interest rates drive massive profits for banks. On the campaign trail, Donald Trump promised to cap credit card interest rates at 10%. Earlier this month, Trump doubled down on his promise on his social media platform, posting: “We will no longer let the American public be ‘ripped off’ by credit card companies that are charging interest rates of 20 to 30%.” And generated some great headlines like this one: Let’s be clear, just like with the credit card companies, the devil is in the details of Trump’s new plan. His post went on to say he’s “calling for a one year cap on Credit Card Interest Rates of 10%.” A one year cap doesn’t really cut it. In fact, many lenders extend introductory offe...