Senator Josh Hawley has introduced a bill to cap credit card interest rates at 18%

9/15/2023

Senator Josh Hawley has introduced a bill to cap credit card interest rates at 18%.

"You just can’t convince me that these credit cards need to make more than 18% profit in order to be making plenty of cash. So they’re doing great right now, they’re making money hand over fist, they’re really making gobs of money off people’s misery," Hawley said.

Meanwhile, Credit cards issued by commercial banks carried a 20.68% rate in May, an all time record, per the Fed.

And the overall rejection rate for credit applicants has risen to its highest level since June 2018, per Reuters.