New York CNN —
It’s easy to see why many Americans would welcome former President Donald Trump’s proposal to cap credit card interest rates at less than half their current level — even if only temporarily.
At $1.14 trillion, Americans’ credit card debt is at a record high, according to data from the Federal Reserve Bank of New York. Meanwhile, the average credit card interest rate was 21.5% in May, six percentage points higher than the rates before the pandemic, according to Fed data.
“While working Americans catch up, we’re going to put a temporary
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