Sen. Josh Hawley plans to introduce legislation that would set an 18% cap on credit card interest rates, according to a report.
The Republican denounced soaring interest rates — which hit an average above 24% in September, according to Investopedia — as credit card debt levels surpassed $1 trillion.
“Americans are being crushed under the weight of record credit card debt,” the Missouri Republican told the news site RealClearPolitics.
The Missouri senator said it was time for the government to serve “working people” just as it came to the aid of faltering banks earlier this year, including Silicon Valley Bank and Signature Bank of New York.
“The government was quick to bail out the banks just this spring, but has ignored working people struggling to get ahead,” Hawley told RealClearPolitics.
BAN Credit cards !!!! SOLVED
They RUIN more people in BANKRUPTCY than ANYTHING else !!!! Got You on the Hook !!!!
Communism!! Surprising from a Republican.
Live within your means and stop spreading money you don’t have. Who do they think they are,the federal government?
Old enough to recall when there were limits to interest rates; above a certain rate was defined as usury. IIRC, and I didn’t check before typing this, a certain senator played a role in helping banks expand from NYC to smaller states so much he was called the Senator from MBNA, which became based in DE. Wonder what ever became of him?