Sanders, Hawley push effort to cap credit card interest at 10%, cite inflation impact on US families

Sens. Bernie Sanders, and Independent, and Josh Hawley, a Republican, are re-doubling effort to gain support for their legislation to cap credit card interest rates at 10% – arguing persistent inflation is forcing household charge everyday expenses.  

"Thanks to inflation and a sluggish economy, many families have been forced to charge basics like groceries, gasoline and even rent to their credit cards, racking up deep debt," they wrote in an opinion essay posted Thursday on FoxNews.com. "It’s unsustainable – and credit card companies know it. That’s why they’ve hiked interest rates so dramatically."

The essay comes one day after the Labor Department report inflation in January increased 0.5% compared to 12 months earlier. Inflation is now at 3%, above the target rate of 2%. 

The opinon essay also  states card debt in America is $1.17 trillion and that inflation and the economy has contributed to the debt and that while Americans are struggling to make ends meet, credit card companies continue to get rich. 

"In 2022 alone, they made an incredible $130 billion in interest and fees after mailing some three billion solicitations urging Americans to sign up for their credit cards," wrote Sanders, of Vermont, and Hawley, of Missouri.

Earlier this month, they introduced legislation to cap credit card interest rates at 10%.

"By capping credit card interest rates at 10% for the next five years, our bill would give Americans a chance to catch up, offering real relief for working people," they wrote in the opinion piece.