1. United States
2. N.Y.
3. Letter

Credit card debt has become a crushing burden for millions of American families, trapping them in endless cycles of high-interest payments that siphon away resources from meeting basic needs. At a time when so many households are struggling with the rising cost of living, we cannot allow predatory lending practices to further exacerbate economic hardship. That is why it is imperative to support the amendment to the Truth in Lending Act to cap credit card interest rates at a reasonable 10% limit. The current average credit card interest rate of nearly 24% is exorbitant, especially when compared to the federal interest rate of just 4.25% at which banks can borrow. This stark discrepancy allows credit card companies to reap windfall profits at the expense of working-class Americans, many of whom rely on credit to make ends meet in the face of stagnant wages and mounting expenses. Capping interest rates at 10% would provide much-needed relief to families drowning in credit card debt while still allowing lenders to earn a reasonable return. This common-sense reform would align with the campaign pledge made by President Trump to protect consumers from usurious interest rates that have become all too common in the credit industry. By supporting this amendment, we can take a meaningful step toward economic justice and financial stability for countless households across the nation. It is a moral imperative to rein in the exploitative practices that have enriched corporations at the cost of eroding the economic security of our communities. Let us seize this opportunity to prioritize the well-being of the people over the relentless pursuit of profit.