With credit card debt in America steadily rising, it has become increasingly important for the government to establish laws that regulate and limit credit card companies’ APRs. Since the early 2000s, many credit cards have seen their APRs double or even triple, and today, most credit card companies impose rates ranging between 20% and 35%. This surge in interest rates places an overwhelming financial burden on consumers, driving many deeper into debt. Without intervention, credit card companies will likely continue to raise APRs, worsening the financial strain on individuals. Strong regulations need to be implemented now to prevent further exploitation of consumers. By introducing these measures, the government could help protect individuals from excessive interest rates and address the nation’s growing debt crisis. Immediate action is necessary not only to provide relief to consumers but also to promote greater financial stability for millions of Americans struggling with credit card debt.
I am 66 yrs old and I remember a time when APR could not exceed 21% by law. Don’t know what happened but considering that bankers run the world I am not surprised.
Credit card interest rates have been crushing so many people in the past few years that I believe it has been one of the factors for people losing their homes. The banks/$ companies are raking in the dough and hurting our society.
This one 29.99% is crazy
If a refund is executed on the same card, it was purchased. It needs to be refunded immediately and not wait 5-7 days. They have no problem taking it out immediately so they are capable of refunding it immediately.
Stop charging interest on top of interest every month! Charge interest once and allow people to actually pay on the principal!
I’m being crushed with credit card debt. I own my own home and am so afraid I’m going to lose it. I raised two kids as a single mother and now am taking care of my own mother who was diagnosed with stage 4. I work full time and am still struggling. The interest rates are killing me. If I could get them back to where they were I would be able to manage better. Thank you for listening.
Agreed. Credit card companies are utilizing predatory lending practices. It’s time to start treating them like banking institutions! Hold them accountable with the same level of regulation that banks are held to.
States have max on interest rates for their citizens yet Visa does not comply. How is this legal? Maximum federal interest rate is suggested so States cannot exploit citizens or maximize the total indebtedness of any one borrower in credit card /student loan / utilities / insurance and child care debt to income. If visa goes over this capacity of an individual than they should be charged for exploiting citizens and usury. I would love to help on this team !!!
- Credit card rates should NOT exceed 20%!!! 20% is MORE than enough, and is higher than anything else out there.
- Credit card interest should be on the DEBT and NOT the interest!
- If the government shuts down the mobility of its citizens, or changes any laws affecting how business is to be conducted, the IRS and similar organizations, should CLOSE, and not do anything for those years EVER, NOT EVEN COLLECT TAX! This will make this method of attack worthless for fascists, will give the public a respite, and prevent a huge runup of debt, and likely. prevent companies from going bankrupt.
- If a company fails to follow this, they should forgive all future debt, until they have restored the balance to what it should have been, and reduced the related interest to zero,
Just watched a hearing with sen Josh Hawley and the credit card profit margins are 50%, they have 80% of the market and the average interest rate is about 29%, collectively Americans owe 1.17 trillion dollars in debt to credit card companies.
How is it that Banks pay us nearly 0% on our savings yet they can charge outrageous interest rates on credit cards? I think we are being scammed here. Credit card interest should be tied to interest paid on savings. For example, if interest paid on savings is 5% then credit card interest might be limited to 5% over 10%. Also for those who don’t know, you can likely get a much lower credit card interest rate at credit unions. My charges about 14% and they give you more time to pay.