Reported about 10 hours ago
In an unexpected bipartisan effort, lawmakers including Rep. Alexandria Ocasio-Cortez and Rep. Anna Paulina Luna have introduced bills to cap credit card interest rates at 10%. This proposal is born out of growing concerns over high credit costs, with the average APR currently around 21.5%. Supporters argue it would protect consumers from excessive debt, though critics warn it could limit credit access for those with weaker scores. The concept of interest rate limitations is not new, with various countries implementing similar caps, but the debate continues on how to balance consumer protection with lender profitability.
Source: YAHOO