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Credit Card Debt Crisis: Fight for Rate Reform
Published 1 week ago
Description
Americans grapple with record-breaking credit card debt, averaging $9,326 per household, with interest rates soaring to 22.83%. Politicians like Josh Hawley, Bernie Sanders, AOC, and Anna Paulina Luna advocate for a cap on these rates, while banks warn of potential credit access loss. A Vanderbilt study suggests a 15% cap could save consumers $48 billion annually without reducing credit availability. The debate highlights the urgent need to control these rates before more families face financial ruin.
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