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Sen. Josh Hawley took a strong stance against credit card companies during a Senate Judiciary hearing on November 21, criticizing what he characterized as their monopolistic practices and reiterating his call for interest rate limitations.
Average credit card interest rates are near 30%. It’s a total ripoff. Congress should cap them. @realDonaldTrump has endorsed a credit card cap – let’s get it done pic.twitter.com/XD7QzPSa4B
— Josh Hawley (@HawleyMO) November 19, 2024
The Missouri Republican’s comments were prompted by the latest financial data revealing unprecedented levels of credit card debt among American consumers. His remarks referenced a recent Federal Reserve Bank of New York report, which documented that Americans’ credit card obligations have reached a staggering $1.17 trillion.
The concerning figures from the report also highlighted a substantial quarterly increase, with credit card debt expanding by $24 billion in the third quarter of 2024. This represented a significant year-over-year surge of 8.1 percent, further underlining the growing financial burden on American households.
Visa and Mastercard executives revealed a profit margin of over 50%.
Sen. Josh Hawley (R-MO) grilled representatives from the credit card companies for not negotiating lower interchange fees for small businesses as they do with large corporations.
'This is classic, classic… pic.twitter.com/fVgxL1llhp
— NowThis Impact (@nowthisimpact) November 21, 2024
