American families will pay $122 billion in interest payments to credit cards this year, and that number has been climbing each year. The median interest rate for credit cards is over 21% APR. Meanwhile, banks are making record profits with $237 billion in profits last year and benefit from record tax breaks. Jennifer supports legislation that caps credit card interest rates at 15%. We must also have consumer protection rules that prohibit exploitative lending practices and mandate fair lending.
Monopolies also hurt consumers through pricing and stifling innovation. We must also revisit and enforce AntiTrust Laws to prevent one company from owning a market through acquisitions and mergers that leave the consumer behind.
“The test of our progress is not whether we add more to the abundance of those who have much it is whether we provide enough for those who have little.”
— Franklin D. Roosevelt