S.381 aims to cap credit card interest rates at 10% APR nationwide. Affects all credit card users, especially those with high interest rates.
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10 Percent Credit Card Interest Rate Cap Act is a Senate bill in committee. The latest recorded action: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Latest action on S. 381: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Who this affects: The bill impacts all credit card users, especially those with high-interest rates. It aims to reduce financial burdens for consumers carrying balances and those in states with weak usury laws.
Why this matters: This bill addresses the high-interest rates many cardholders face, which can lead to financial strain. By capping rates, it aims to make credit more affordable and reduce debt burdens. It also aims to prevent lenders from evading the cap through fees, ensuring transparent pricing. The temporary nature of the cap allows for evaluation of its effects on the credit market.
You do not have to start with a blank letter. Modern Action turns the bill, your position, and the relevant congressional context into a message you can edit and send. The goal is to make contacting Congress clear, specific, and useful without forcing you to parse bill text or figure out the right office on your own.
