According to CreditCards.com, the average annual percentage rate (APR) across all credit cards is 17.73%. How does your card’s APR stack up? Could you benefit from a credit card interest rate cap of 15%?
Senator Bernie Sanders and Representative Alexandria Ocasio-Cortez (AOC) say yes, recently releasing a plan to cap credit card APRs at 15%. Any credit card cap legislation is unlikely to pass under the current political climate, but Congressional progressives are letting Americans know what to expect should they win control of Congress and the White House in 2020.
Would a 15% APR cap help or hurt your situation? If you’re in the group of struggling consumers that progressives are trying to help, it could go either way.
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According to ValuePenguin, the average credit card debt for households that carr…