Credit card rate caps become a bipartisan US midterm issue

Rising credit card debt has emerged as a rare point of agreement in the final stretch of the US midterm elections, with candidates in both parties backing limits on interest rates. Average credit card rates now exceed 20%, roughly double their level a decade ago, while delinquency has climbed toward its highest point since 2011. Democrats including James Talarico in Texas and Angie Nixon in Florida have pushed rate caps, and Republicans including Roger Marshall and Anna Paulina Luna have also embraced a 10% ceiling. Banks have fought the idea, warning that stricter caps could sharply limit access to credit. The issue has gained traction as inflation and broader cost-of-living pressures weigh on voters.