Luna and Ocasio-Cortez push credit card interest rate cap

In a seemingly bipartisan coalition, conservative House Freedom Caucus member Rep. Anna Paulina Luna, R-Fla. and Rep. Alexandria Ocasio-Cortez, DN.Y., a caucus member of Congress Progress, who teamed up to limit the credit card rate to 10%.

The proposal stipulates that “the annual percentage of credit extensions applicable to credit cards obtained shall not exceed 10 percentage points, including all financial expenses.”

Republican lawmakers pointed out that in response to posts marked on X by Luna and her left-leaning fellow “Strange Bedfellows,” “I don’t think that’s surprising at all. Most people agree that crazy credit card rates are predatory.”

What impact will the upper limit of credit card interest rates have?

I-VT. Senators Bernie Sanders and R-Mo. Senator Josh Hawley proposed the proposal last month.

Trump proposed the idea of ​​a temporary ceiling on interest on credit cards in his campaign speech last year.

Bernie Sanders, Josh Hawley teams up to announce 10% cut in credit card rates

“When Americans catch up with Americans, we will have a temporary cap on credit card rates. We will be bound by a 10% limit. We can’t let them make 25% and 30%.”

“We protect workers from being trapped in debt hills by introducing legislation, not talking points,” Ocasio-Cortez said of Trump’s assurances.

AARP found that Americans accumulate credit card debt to pay for the fees.

U.S. President-elect Donald Trump smiles at the Phoenix Convertion Center in Phoenix, Arizona on December 22, 2024 at the Phoenix Convertion Center. (Rebecca Noble/Getty Image)

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“For a long time, credit card companies have abused working-class Americans with absurd rate and put them in debt that is almost insurmountable,” Luna said. “We need a fair solution – which means getting out of the status quo and putting reasonable caps on interest rates.”