Credit card debt mounts amid Democrats’ push to cap interest rates
Summary
U.S. credit card balances rose by $22 billion in the third quarter, a 1.7% increase from the second quarter, according to the Federal Reserve Bank of New York. The increase comes as some Democratic lawmakers push to cap credit card interest rates.Key Facts
- Credit card balances increased by $22 billion in the third quarter.
- Balances rose 1.7% compared with the second quarter.
- The Federal Reserve Bank of New York reported the figures on Tuesday.
- Some Democratic lawmakers are pushing to cap credit card interest rates.
- The article says credit card debt for the year topped a threshold, but the provided text does not include the amount.
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