All articles tagged with #credit card rates
President Trump announced plans to temporarily cap credit card interest rates, but the legal authority for such a move is uncertain without congressional approval. Legislation proposing a 10% cap has been introduced in Congress, and the move is part of broader populist economic measures aimed at addressing high living costs. The average credit card rate is currently 22.3%, significantly higher than in 2013.
Consumer credit has reached a record $5 trillion, with revolving credit and credit card interest rates also hitting new highs in November. Adjusted for inflation, revolving credit is approaching levels seen during the Great Recession. Credit card rates, which averaged between 12-14 percent for most of 2000-2020, have now reached an average of 21.47 percent. Additionally, a spending deal has been reached, but the Republican Freedom Caucus has condemned it for not addressing border funding, potentially leading to further negotiations.