The idea of capping credit-card interest rates is gaining bipartisan attention, with both sides discussing the potential implications of such a cap on consumers and the financial industry.
On the campaign trail, now-President-elect Donald Trump proposed a cap of 10% on credit-card interest rates, suggesting it would help Americans catch up on their debt.
Senator Bernie Sanders expressed agreement with Trump's interest-rate cap idea, emphasizing the excessive rates consumers currently face, which can reach as high as 25%.
The financial industry, including the American Bankers Association, strongly opposes any rate cap, warning it could limit credit availability for the most vulnerable consumers.
Collection
[
|
...
]