If a bill is passed to cap credit cards the American people, we can dig ourselves out of debt faster. This allows all Americans to get their credit back to where they were and ensures that we don’t have to live paycheck to paycheck as we put all of our groceries and everything else over the past year and a half, two years on to credit cards because we don’t make enough money with the price gouging. Americans will be able to then borrow money due to having better credit/debt to income ratios.
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Need a cap on interest rates on credit cards! Stop taking advantage of people! Should be a max amount period! Like no more than 5% of prime!
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Can you clarify exactly what you’re advocating for? I’m having a hard time understanding past what feels like a block of feel-good jargon.
We maxed out 2 cc between 2020 and 2023, just to afford life. We have since stopped using both but they are staying maxed out, even with adding an income to our family and multiple raises. We have never been late but we still can’t even make a dent because interest just keeps rising. We pay $700 a month on interest alone. There is no way out of this.
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My 18 year old son got a card offer for 35% interest. No joke.