Trump, AOC and Bernie: Capping credit card rates unites right and left as banks issue warnings

Interest is near record highs, and here is the context of why this is urgent, courtesy of Gemini:

As of January 2026, U.S. consumer financial health presents a paradox of record-high nominal debt levels paired with relative stability compared to historical crises. Total household debt climbed to a record $18.59 trillion by late 2025, with credit card balances specifically hitting an all-time high of $1.23 trillion—a roughly 60% increase from their pandemic-era low. While 2025 saw a sharp 11%–12% year-over-year rise in personal bankruptcies (totaling roughly 566,000 filings), these figures remain significantly lower than the 758,000 recorded in 2019 and the 1.6 million peak following the 2008 financial crisis. Despite the "hockey stick" growth in credit card debt and elevated delinquency rates for auto and student loans, aggregate delinquency held steady at around 4.5% late last year, and experts forecast a moderation in debt growth for 2026. This suggests that while inflationary pressure and 20%+ interest rates are causing acute strain for low-income households, the broader consumer base has thus far avoided the systemic collapse seen in previous decades.