"Senator Hawley's Proposal: Capping Credit Card APR at 18%"

Senator Josh Hawley has introduced a bill to cap the interest rate for credit cards at 18 percent, aiming to protect vulnerable borrowers. American credit card debt has surpassed $1 trillion, with the average household carrying about $10,000 in credit card debt. Interest rates on credit card debt have reached record highs, with the average rate at 21 percent. Hawley's legislation would also prevent credit card companies from implementing fees to bypass the cap and issue penalties to enforce the limits. The proposal is more progressive than previous reform efforts and has faced criticism from industry lobbyists.