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Proposed Credit Card Rate Cap Raises Concerns for Low-Income Borrowers in El Paso

KVIA••Lauren Bly
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A recent proposal by President Trump to cap credit card interest rates at 10% has raised alarms among financial experts regarding its potential impact on low-income borrowers in El Paso. Currently, the average credit card interest rate is nearly 24%, and experts warn that such a cap could lead lenders to tighten approval processes, limit credit access, and reduce benefits like rewards and fraud protection. Raiz Federal Credit Union highlighted that the cap could disproportionately affect those living below the poverty line, as they rely on credit for essential needs. Residents express skepticism about the proposal's feasibility and potential benefits amidst ongoing economic challenges.

Key Details: • Current average credit card interest rate is nearly 24%. • Proposed cap could limit credit access for low-income individuals. • Residents are encouraged to stay informed about changes in credit policies.

community finance credit-cards low-income economic-issues

People & Organizations

El PasoPresident TrumpBrian MirauRaiz Federal Credit Union

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