Lawmakers and regulators are pushing for measures to address the rising debt levels and high interest rates on credit cards. In the second quarter of 2023, total credit card debt surpassed $1 trillion for the first time ever. The average interest rate for cardholders reached over 21% in August, the highest on record. Some cards charge even higher rates, with certain retail store cards charging over 30%. Sen. Josh Hawley introduced a bill to cap credit card rates at 18% and prevent card companies from raising fees to evade the cap. The Consumer Financial Protection Bureau also proposed a rule to reduce fees for late credit card payments. However, it remains uncertain whether these measures will be successful as they face challenges in Congress.
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