Proposal for 10% cap on credit card interest
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Low-income households aren’t the only ones struggling to pay off credit card debt. Middle-class Americans are increasingly under pressure, even though inflation has cooled from its pandemic highs. Data from the nonprofit American Consumer Credit Counseling (ACCC) found that 43% of Americans struggling with credit card debt have a four-year university or master’s degree,
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Lenders now approve more low-credit applicants using cash-flow underwriting, alternative data, updated scoring models and credit-building products.
Major US banks have lashed out at Donald Trump’s proposal to cap credit card interest rates to address affordability concerns, warning the move could undercut a crucial source of industry revenue. JPMorgan,