Calling Back to Jimmy Carter, Citigroup’s CEO Says Credit Card Rate Caps Would ‘Not Be Good’ for the U.S. Economy

Banks, however, have a deeper interest in combating this, as the revenue accretion from interest rates on credit card debt is a material amount, which has only gone up in the past years. According to the Seventh Biennial Report to Congress on the Consumer Credit Card Market issued by the CFPB, U.S. consumers were assessed a total of $160 billion in interest charges during 2024. This figure represents a staggering increase from the $105 billion in interest assessed in 2022, reflecting a 52.3% growth in the c ...