Navigating Credit Card Choices and Pitfalls

This living topic provides a comprehensive overview of the complexities surrounding the use of credit cards, including the potential benefits and dangers. The content explores various credit card options, such as rewards cards, balance transfer cards, and cards tailored for specific demographics like students and those with poor credit. It also delves into the risks of high-interest rates, deferred interest traps, and the implications of increasing credit card debt amid economic shifts. Additionally, it highlights regulatory changes, consumer protection measures, and the impact of fintech innovations on credit card use. Through expert advice and real-world examples, the topic aims to help consumers make informed decisions and avoid common pitfalls in managing credit card debt.

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Two polar opposite senators back bill to cap credit card interest rates

Their bipartisan bill capping rates at 10% is also backed by President Trump

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Sen. Bernie Sanders (I-Vt.) and Sen. Josh Hawley (R-Kan.) agree on very little politically. But the very liberal and very conservative lawmakers are co-sponsoring legislation to place a 10% cap on credit card interest rates.

During the recent presidential campaign, President Trump also advocated the cap on rates that now average above 20% APR.

In a joint statement, the two senators laid out the reasoning behind their bill.

“Working Americans are drowning in record credit ca...

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