The legislation underscores the high interest rates consumers continue to pay on credit-card debt, even as the Fed has begun to lower its benchmark rate
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Many Americans are paying credit-card interest rates over 20%, but a new bill from a bipartisan duo would slice their card costs in half with a temporary rate cap of 10%.
At a time when Americans have amassed over $1 trillion in credit-card debt and delinquency rates are high, a new bill from Sen. Bernie Sanders of Vermont and Sen. Josh Hawley of Missouri would curb credit-card annual percentage rates, or APRs, at 10% for five years.
