Tell Congress: Cap Credit Card Interest Rates at 10%

Working families are drowning in credit card debt while banks cash in.

Americans now owe a staggering $1.23 trillion on credit cards. Nearly 40 percent of people have used credit cards to cover basic essentials like groceries, rent, and medical care, and 55 percent carry balances month to month just to get by. At the same time, average credit card APRs have soared past 22.8 percent — nearly double what they were a decade ago — the highest level ever recorded.

Congress must pass the 10 Percent Credit Card Interest Rate Cap Act of 2025 (S. 381/H.R. 1944) and cap credit card interest rates at 10 percent for five years. This bipartisan bill would provide immediate relief to millions of families and save Americans up to $100 billion per year — an average of $899 in interest savings per person.

This affordability crisis didn’t happen by accident. Over the last five years, prices have jumped roughly 25 percent while wages have struggled to keep up. Families are turning to high-interest credit cards and risky “Buy Now, Pay Later” schemes just to stay afloat. Meanwhile, credit card lending generates profit rates at least five times higher than other bank activities. While parents skip meals and seniors ration medication, banks post record-breaking returns.

President Trump promised to cap credit card rates on the campaign trail. Instead, his administration has weakened the Consumer Financial Protection Bureau and rolled back rules that would have saved families billions in late fees and overdraft charges. Wall Street lobbyists are fighting hard to kill this bill because they know it would finally rein in their windfall profits.

This is usury, plain and simple. And it is overwhelmingly unpopular.

When enough of us demand change, Congress listens. This bill is already introduced and waiting for action. Lawmakers must choose: stand with working families crushed by 23 percent interest rates, or side with banks charging record-high APRs during an affordability crisis.

Tell Congress: Pass the 10 Percent Credit Card Interest Rate Cap Act of 2025. Cap credit card interest rates at 10 percent and give working families the breathing room they deserve.