Sanders and Hawley Propose Bipartisan 10% Cap on Credit Card Interest Rates

The legislation seeks to address rising credit card debt and fulfill President Trump's campaign promise to limit rates temporarily.

Sens. Bernie Sanders and Josh Hawley introduced a bipartisan bill to cap credit card interest rates at 10% for five years.
The proposal aims to provide financial relief to Americans burdened by record credit card debt, which reached $1.17 trillion in late 2024.
President Trump campaigned on capping credit card interest rates at 10%, and the bill aligns with his promise to address high borrowing costs.
Critics, including financial industry groups, argue that the cap could reduce access to credit and lead to fewer rewards for cardholders.
The bill reflects a rare alliance between Sanders and Hawley, highlighting shared concerns over exploitative financial practices.