The Hidden Costs of Capping Credit Card Interest Rates
Interest rates on credit cards have been unusually high for a while and have become an occasional target of politicians. In 2020, during Kamala Harris’ first presidential campaign, she proposed forbidding credit card companies from charging interest altogether during the pandemic. In September this year, during a campaign rally in New York, Donald Trump proposed capping credit card interest rates at 10 percent. Others from Josh Hawley to Bernie Sanders have also taken up the cause. Lost in […]