She's 73 with $40,000 in credit card debt, and retirement is out of the question

"Cannon has $39,440in credit-card debt spread across 19 cards with varying interest rates, from 12.15% to 34.99%. The issue began to spiral when the pandemic hit - she lost her part-time job as a mystery shopper, which she had held since retiring from her full-time job as a medical coder in 2015. Since then, she has relied on minimal COVID relief funds, her Social Security, and her pension."

""I can't get the balance down because I am still having to use credit cards at the end of the month to get groceries and gas," Cannon, who lives in a mobile home in rural Texas, told Business Insider. "I pay my bills, but because of the interest rates, it keeps going up. I feel like I'm being gouged.""

"Capping rates is supported by both Democratic and Republican lawmakers, and even President Donald Trump - he recently proposed a 10% cap on credit card interest rates, a proposal pushed by lawmakers like Sen. Bernie Sanders. Companies and leaders in the financial world have said that capping rates would ultimately have a negative impact on consumers because banks may limit their offerings, driving more people to riskier sources of credit."

Susan Cannon, 73, carries $39,440 in credit-card debt across 19 cards with interest rates ranging from 12.15% to 34.99%. Pandemic job loss eliminated her part-time income and left her dependent on minimal COVID relief, Social Security, and a pension. She uses credit cards monthly for groceries, gas, and repairs and pays more than minimums, but high interest prevents principal reduction. She believes only lower interest rates can enable payoff. Policymakers across parties have proposed rate caps, while financial leaders warn caps could shrink bank offerings and push consumers toward riskier credit sources. National credit-card debt sits at record highs amid inflation and rising living costs.

Read at Business Insider