The bill, S. 381, aims to amend the Truth in Lending Act to place a cap on credit card interest rates at 10 percent. It introduces limitations on fees associated with credit cards to ensure they don't bypass this cap, and enforces penalties for violations. Additionally,...
Simple Explanation
This bill wants to make sure people don't have to pay more than 10% interest when they use their credit cards, and if someone is charged too much, they can ask to get it back within two years. But after December 31, 2030, these rules might go away unless new ones are made, so credit card costs could become high again.