Lawmakers take aim at credit card interest rates, fees as cardholder debt tops $1 trillion
Collection Industry News
OCTOBER 17, 2023
Total credit card debt topped $1 trillion in the second quarter of 2023 for the first time ever. The average interest rate for all cardholders jumped to more than 21% in August, the highest on record, according to Federal Reserve data. Federally chartered credit unions have an 18% limit. Josh Hawley, R-Mo.,
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