Appearing in CNBC on February 7, 2025, Stephanie Dhue talks to NCLC Senior Attorney Chi Chi Wu for coverage of how credit card interest rates have been hovering near record highs and a new bipartisan bill that would cap them at a dramatically lower figure. Experts say it may not be a win for consumers.
“You could have zero interest and still have an incredibly expensive product.”
said Chi Chi Wu, senior attorney at the National Consumer Law Center.
The proposal also seems at odds with the Trump administration’s interest in eliminating the Consumer Financial Protection Bureau.
“If policy makers want to show that they actually care about protecting consumers’ wallets and keeping them from being abused by high-cost credit, they would make sure we have a strong Consumer Financial Protection Bureau.”
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