Americans are drowning in credit card debt. Trump’s proposed cap on interest rates probably won’t help ...Middle East

By Elisabeth Buchwald, CNN New York (CNN) — It’s easy to see why many Americans would welcome former President Donald Trump’s proposal to cap credit card interest rates at less than half their current level — even if only temporarily. At $1.14 trillion, Americans’ credit card debt is at a record high, according to data from the Federal Reserve Bank of New York. Meanwhile, the average credit card interest rate was 21.5% in May, six percentage points higher than the rates before the pandemic, according to Fed data. “While working Americans catch up, we’re going to put a temporary cap on credit card interest rates,” Trump said at a rally last week. “We can’t let them make 25 and 30%.”

Hence then, the article about americans are drowning in credit card debt trump s proposed cap on interest rates probably won t help was published today ( Tuesday 24/09/2024 - 12:40 PM ) and is available on News channel ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.

Read More Details
Finally We wish PressBee provided you with enough information of ( Americans are drowning in credit card debt. Trump’s proposed cap on interest rates probably won’t help )

Also on site :

• Legally Blonde Prequel Series Elle Is 'Officially Canon' With The Movie, EPs Confirm — Here's How They Made Sure 'Everything Tracked'
• Pretty in Pink: ‘Elle’ Star Lexi Minetree Wears Reese Witherspoon’s 2014 Met Gala Look to London Premiere of ‘Legally Blonde’ Prequel
• America’s Forgotten Soldiers: The Black Patriots Project