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Credit Card Rate Caps for Loyal Customers | Madison News
Description
The government is pushing a bold new rule to cap credit card interest rates for loyal customers — yes, the ones who’ve paid on time for years. Backed by the CFPB, this move aims to stop companies from hiking rates unfairly after you’ve already paid off most of your debt. It’s a direct response to consumer frustration and could save millions over time by forcing banks to reevaluate how they charge long-term users — plus, it’ll tackle late fees and penalties too. Think of it as financial fairness finally catching up to reality.
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