A 9% interest ceiling cap on credit cards

Credit card interest rates of 29% or more have made it very difficult for consumers to pay off their credit cards. A significant percentage of personal income goes to just paying credit card interest rates and not paying down the principle of the debt. Setting a national interest rate cap on credit cards of 9% would allow consumers to pay off their credit cards and free up cash flow to purchase new products to stimulate economic growth. High credit card interest rates hinder economic growth. Consumers want to pay off their credit cards. Lowering the interest rates is the right thing to do.