US Credit Card Debt Hits Record High, Bill Proposed to Cap Interest Rates
2025-04-02
US credit card debt has reached an all-time high, with soaring interest rates and economic factors exacerbating the problem. Representatives Alexandria Ocasio-Cortez and Anna Paulina Luna introduced a bipartisan bill to cap annual credit card interest rates at 10%, aiming to help struggling Americans escape a cycle of debt. The average APR has nearly doubled in a decade, reaching 21%, leading to increased consumer debt and delinquencies. The bill's future remains uncertain.