U.S. President Donald Trump proposed capping credit card interest rates at 10% for one year, starting January 20, a move that has brought renewed attention to the growing burden of credit card debt for millions of Americans. The proposal comes as individuals like Selena Cooper, 26, struggle with mounting debt and rising interest rates. Cooper, a former paralegal who lost her job after the government shutdown, saw her credit card debt climb to $6,000 across three cards.
Cooper's financial difficulties began in October when her paychecks stopped. She said that Capital One and American Express, her card issuers, subsequently raised her interest rates due to late payments. According to Cooper, the rate on her Capital One cards doubled to 16%, while her American Express rate increased from 10% to 18%.
Trump's proposed cap aims to provide temporary relief to consumers facing high interest rates. However, Cooper believes the cap, while helpful, would not fully resolve her debt situation. "It would help a little bit, but it's still not going to get me out of debt," she said.
Credit card debt has been a persistent issue in the United States, with many Americans relying on credit to cover expenses. Fluctuations in employment and unexpected financial setbacks can quickly lead to missed payments and accumulating debt, as illustrated by Cooper's experience. High interest rates exacerbate the problem, making it difficult for individuals to pay down their balances.
The potential impact of a credit card interest rate cap is a subject of debate among economists and financial experts. Proponents argue that it could provide much-needed relief to struggling consumers, allowing them to pay down debt more quickly. Opponents, however, caution that it could lead to unintended consequences, such as reduced credit availability or higher fees.
Cooper, who resides in Columbia, South Carolina, is now relying on her photography business to generate income. The long-term feasibility and potential implementation of Trump's proposed credit card interest rate cap remain uncertain.
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