1. United States
2. Mass.
3. Letter

In recent years, the cost of credit has become a critical issue impacting millions of Americans due to rising interest rates on credit cards. Remarkably, there is now bipartisan agreement on addressing this challenge through legislation to cap credit card interest rates at 10%. Bills introduced by Representatives Ocasio-Cortez and Luna, as well as Senators Sanders and Hawley, demonstrate a rare opportunity for lawmakers across the political spectrum to come together and provide relief to consumers struggling with high-interest debt. The average credit card APR currently stands at a staggering 21.5%, up from 14.7% just a few years ago. With about half of all credit card accounts revolving a balance month-to-month and 13% of cardholders making only the minimum payment, the financial strain on households is undeniable. While concerns exist about potential limitations on credit access, particularly for those with weaker credit scores, the bipartisan nature of these proposals suggests a thoughtful balance can be struck. A 10% rate cap could significantly alleviate the burden of credit card debt for millions of Americans while still allowing credit card companies to operate profitably. This issue transcends party lines and presents a chance for Congress to demonstrate its commitment to addressing the financial challenges faced by constituents nationwide. Therefore, it is crucial for members of Congress to seize this bipartisan momentum and support legislation that would cap credit card interest rates at a reasonable level, providing much-needed relief to American families.