Inside the Secret Executive Order That Could Slash Your Credit Card Interest Rate by Half
You might want to sit down before reading this. A new executive order just slipped through the cracks, and it’s aimed directly at the credit card companies that have been squeezing your wallet for years. According to leaked drafts, this order would cap variable interest rates at 9.99%—roughly half the national average APR right now. For the average American carrying $6,000 in credit card debt, that’s a savings of over $700 a year in interest alone. But here’s the wallet punch: the banking lobby is already suing to block it, claiming it will crash the economy. In plain English, they’re scared of losing their profit stream, while you’re scared of making ends meet. If this holds, your monthly payment could drop overnight—but don’t celebrate just yet. The order is facing a 30-day court freeze, and your statement could look very different by next billing cycle. Check your mail; the bill might be the first thing to shrink.