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Experts say capping credit card interest at 10% could save consumers billions by reducing debt costs. However, critics warn it might disproportionately hurt lower-income Americans. Lenders could tighten approval standards, revoke cards, or shift costs to other fees, limiting access to credit for those with lower scores. While the cap would offer relief to some borrowers, it may reduce credit availability overall, forcing those with poor credit to turn to costlier alternatives like payday loans.
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