U.S. Sen. Josh Hawley is taking aim at high credit card interest rates in his newest legislation.
Through the Capping Credit Card Interest Rates Act, Hawley is hoping to bring relief to the wallets of Americans.
“Americans are being crushed under the weight of record credit card debt — and the biggest banks are just getting richer,” Hawley said. “The government was quick to bail out the banks just this spring, but has ignored working people struggling to get ahead.”
Consumer credit card debt recently exceeded $1 trillion dollars for the first time in history. Some major credit card companies have imposed interest rates as high as 30%.