1. United States
2. Calif.
3. Letter

Credit card interest rates have skyrocketed over the past decade, reaching an average of 23.8% while banks borrow at just 4.25%. This excessive rate allows credit card companies to profit immensely while trapping consumers in cycles of debt that are nearly impossible to escape. The bipartisan legislation introduced by Representatives Ocasio-Cortez and Luna would immediately cap credit card interest rates at a reasonable 10%, providing much-needed relief to working families struggling with high costs. At a time when many are already struggling to make ends meet, we cannot allow predatory lending practices to further burden our communities. I urge you to support this crucial bill to protect consumers from exploitation and bring fairness back to the credit industry.