Missouri GOP Senator Josh Hawley introduced a bill that would cap credit card interest rates at 18%, which critics say could impact those with imperfect credit or consumers' rewards.
Senator Josh Hawley, R-Mo., introduced new legislation this week to implement a federal cap onas U.S. consumers rack up record-setting debt, but critics say the bill could have unintended consequences.
Sen. Josh Hawley, R-Mo., introduced the Capping Credit Card Interest Rates Act, which would cap rates at 18%. Americans' credit card debt topped $1 trillion for the first time ever earlier this year amid high interest rates averaging over 24% APR as of August 2023. The survey found that 54% still supported a cap if it reduced access for those with imperfect credit while 26% were opposed; 58% continued to support a cap if meant fewer rewards and 30% were opposed.
are capped at 18%, the same as Hawley’s bill, but Schulz noted that also serves as an example of how such caps can impact consumers’ access to rewards.
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