At $1.14 trillion, Americans’ credit card debt is at a record high, according to data from the Federal Reserve Bank of New York.
“While working Americans catch up, we’re going to put a temporary cap on credit card interest rates,” Trump said at a rally last week.
You may not be able to count on your credit card for purchasesThe average American has racked up $6,500 in credit card debt, according to Experian data from the third quarter of last year.
The reason: Interest rates are how credit card companies manage the risk that a customer won’t pay their credit card bill on time.
Your favorite credit card rewards could be jeopardizedEven if you don’t currently have any credit card debt and have a top-tier credit score, you could be left worse off from a 10% credit card fee cap.
Persons:
New York CNN —, Donald Trump’s, ” Trump, Republican Sen, Josh Hawley, Sen, Bernie Sanders, Alexandria Ocasio, Matt Schulz, “, Schulz, Karoline Leavitt, ” Leavitt, Banks, Joe Biden’s, ” Schulz, ”
Organizations:
New, New York CNN, Federal Reserve Bank of New, Republican, CNN, Trump
Locations:
New York, Federal Reserve Bank of New York, Congress, Alexandria, Cortez