Dear John,
Credit card interest rates have skyrocketed to record highs, now averaging an astonishing 28%. The Consumer Financial Protection Bureau (CFPB) reports that, in 2022 alone, credit card companies raked in an unprecedented $130 billion in interest and fees – the highest amount ever reported.
At the same time, U.S. consumers are drowning in a staggering $1.17 trillion of credit card debt. These excessive rates are crippling working families, making it increasingly difficult for them to achieve their financial goals.
However, a rare bipartisan effort to cap interest rates at 10% is gaining momentum, fueled by promises made by Donald Trump during the campaign. This unlikely alliance of left and right has brought together Republican Josh Hawley and Democrat Bernie Sanders to collaborate on a bill to set this cap.
Congress must act now! The powerful banking lobby will do everything they can to derail this plan, despite its bipartisan support. With the Trump administration having effectively shut down the Consumer Financial Protection Bureau, passing this legislation is one of the most important steps we can take now to safeguard working families from financial ruin.
Send a direct message to Congress to demand passage of the Sanders-Hawley bill limiting credit card interest rates to 10% now!
When banks charge interest rates exceeding 25%, they tip their hand that they are not focused on providing fair access to credit. Rather, they are unashamedly exploiting consumers and extracting billions in profits. Families struggling to stay afloat deserve fair financial policies.
Senator Sanders says these current credit card lending practices are “really not much different from what gangsters and loan sharks do who make predatory loans.” Even if they don’t “break the kneecaps of those who can't pay back,” they are still destroying people’s financial lives.
Meanwhile, Senator Hawley acknowledges the Big Banks’ excessive interest rates are not only “wrong” but “exploitative.”
Donald Trump made a campaign promise – let’s see this one happen!
Act now by urging your senators to back the Sanders-Hawley bill and enforce a 10% cap on credit card interest rates.
Thank you for standing up for working families and helping to make credit card debt more manageable!
Robert Reich
Inequality Media Civic Action
