Sen. Bernie Sanders (I-VT) said he would introduce legislation to cap credit card interest rates to 10% based on President Trump’s campaign proposal.
“During the recent campaign Donald Trump proposed a 10% cap on credit card interest rates. Great idea. Let’s see if he supports the legislation that I will introduce to do just that,” Sanders said.
During the recent campaign Donald Trump proposed a 10% cap on credit card interest rates. Great idea. Let’s see if he supports the legislation that I will introduce to do just that.
— Bernie Sanders (@SenSanders) December 30, 2024
Fox News reports:
While campaigning in New York before winning the election against Vice President Kamala Harris, Trump threw his support behind a “temporary cap on credit card interest rates.”
“We’re going to cap it at around 10%. We can’t let them make 25 and 30%.”
Trump framed the temporary policy as something to help Americans as they “catch up.”
The amount of credit card debt held by Americans rose to $1.17 trillion in the third quarter of 2024, per MarketWatch.
According to data from Lending Tree, the average credit card interest rate in December was 24.43%, MarketWatch also reported.
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