High credit card rates have emerged as a rare bipartisan issue in the US midterm elections, with both Democrats and Republicans capitalizing on voter frustration over rising credit card debt. Credit card interest rates now average over 20%, nearly double what they were a decade ago, compounding monthly payment burdens. The combination of high rates, inflation, and rising costs has driven credit card delinquency toward its highest level since 2011.
On the campaign trail, Democrats such as Texas Senate candidate James Talarico and Florida’s Angie Nixon have championed rate caps. President Donald Trump praised Kansas Senator Roger Marshall for fighting “predatory” lenders, while Republican House incumbent Anna Paulina Luna has pushed for legislation capping credit card rates at 10%. Major banks have widely condemned such proposals.
More than 40% of adults carry credit card debt from month to month, according to the Century Foundation, and about one-third of Americans worry about their debt nearly every day, per Pew Research Center. A May Harvard CAPS/Harris Poll found 72% of respondents approve of capping rates at 10% for one year, with similar support across party lines. Florida’s Nixon has called for an 8% cap, below the 10% backed by Alexandria Ocasio-Cortez and Bernie Sanders.
Voter Dakota Bradley, 36, of Pensacola, Florida, said he has accumulated more than $12,000 in credit card debt over eight months and now places more trust in Democrats on affordability issues.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing