"Sen. Josh Hawley's Plan to Protect Working Americans: Implementing an 18% Cap on Credit Card Interest Rates"

Senator Josh Hawley has introduced legislation to cap credit card interest rates at 18% in an effort to alleviate the financial burden on working-class Americans. The proposal comes as U.S. consumer credit card debt reaches a record high of one trillion dollars. Hawley argues that the Federal Reserve's interest rate hikes have disproportionately affected lower-income individuals, making it more difficult for them to pay off high-interest debt. The average credit card APR is currently 24.37%, significantly higher than the proposed cap. Hawley's bill aims to restrict credit card companies from imposing new fees to evade the cap and penalize violators.