Senator Bernie Sanders, I-Vt. and Senator Josh Hawley
Senator Bernie Sanders, I-Vt. and Senator Josh Hawley, R-Mo. have introduced a bill to cap credit card interest rates at 10%. If approved, the cap would be in effect for five years. Sanders says a recent report found the average credit card interest rate is 28.6%. “When large financial institutions charge over 25 percent interest on credit cards, they are not engaged in the business of making credit available. They are engaged in extortion and loan sharking. We cannot continue to allow big banks to make huge profits ripping off the American people. This legislation will provide working families struggling to pay their bills with desperately needed financial relief.”