Tell Congress: Cap credit card interest rates at 10%

 

Thanks for writing a letter, but phone calls are also effective when dealing with your elected officials - dial the Capitol switchboard at (202) 224-3121 to be connected as well.

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The Democratic Coalition

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Subject: Send a letter - Tell Congress: Cap credit card interest rates at 10%

Body:

Friend,

Concern over high interest rates on credit cards has built an unlikely alliance in Congress. Senators Bernie Sanders (I-VT) and Josh Hawley (R-MO) have introduced a bill that would cap credit card interest rates at 10% for five years.

On the campaign trail, President Donald Trump supported the idea — despite stark opposition from the banks and credit unions that issue credit cards.

"We're going to put a temporary cap on credit card interest rates at 10%. We have no choice," Trump said numerous times on the campaign trail.

Was this yet another broken campaign promise from Trump? Yet another thing he said in 2024 just to win election?

We will see. But we have to at least make Trump put up or shut up here.

Sky-high annual percentage rates (APRs) on U.S. credit cards are worsening the debt trap for those who carry a balance. Four years ago, the average APR was less than 15%. By 2024, it was over 21%, and a growing number of Americans are finding themselves with interest rates over 30%.

American credit card companies made nearly $200 billion off these disgusting predatory practices in 2024.

“When large financial institutions charge over 25 percent interest on credit cards, they are not engaged in the business of making credit available. They are engaged in extortion and loan sharking. We cannot continue to allow big banks to rip off Americans by charging outrageously high credit card interest rates,” Sanders said.

“Working Americans are drowning in record credit card debt while the biggest credit card issuers get richer and richer by hiking their interest rates to the moon. It’s not just wrong, it’s exploitative. And it needs to end,” Hawley said. “Capping credit card interest rates at 10%, just like President Trump campaigned on, is a simple way to provide meaningful relief to working people. Let’s do it.”

With pandemic-related inflation stubbornly persistent, price-gouging from greedy corporations, and the threat of Trump's asinine tariffs keeping prices high, the American people deserve this relief.

And Trump promised it, too.

Can you join me and write a letter?

Click here: https://actionnetwork.org/letters/tell-congress-cap-credit-card-interest-rates-at-10?source=email&

Thanks!