Luna and AOC Push 10 Percent Credit Card Rate Cap

Congresswomen Anna Paulina Luna and Alexandria Ocasio-Cortez have reportedly teamed up on a bold plan. Their potential bipartisan bill seeks to cap credit card interest rates at 10 percent nationwide. The unlikely duo aims to ease the burden of skyrocketing debt crushing American families.

Luna a Republican and AOC a Democrat crossed party lines to tackle a shared foe. They argue banks rake in billions while jacking rates as high as 30 percent on struggling borrowers. The cap would force a drastic cut saving consumers millions in interest payments.

Credit card debt has soared past 1 trillion dollars with rates at record highs. Families lean on plastic to cover basics as inflation squeezes budgets dry. Luna and AOC say their bill hits back at greedy lenders exploiting hard-working people.

The proposal has banks howling claiming it would gut profits and tighten credit access. They warn small businesses and low-income borrowers could lose card options entirely. Supporters counter that fat bank margins can absorb a fairer rate without chaos.

Luna brings a conservative angle slamming unchecked corporate gouging of Main Street. AOC adds her progressive fire framing it as a stand against Wall Street excess. Together they’ve stunned observers with a rare unity on pocketbook pain.

Past rate cap efforts have fizzled under fierce lobbying from financial giants. This time the odd-couple pairing might sway enough votes to defy the odds. Both vow to fight tooth and nail for a floor vote by year’s end.

Public reaction splits with cheers from debt-laden voters and jeers from free-market purists. Polls show most Americans back reining in rates though details divide them. The bill’s fate hinges on moderates in a Congress weary of gridlock.

If passed the cap would reshape lending and jolt a banking sector used to big returns. Failure would keep the status quo leaving families to fend off rising rates alone. Either way Luna and AOC have ignited a debate that’s far from over.