The chapter delves into the provisions and effects of the 2009 CARD Act aimed at solving credit card debt issues, along with the history of high interest rates charged by credit card companies. It highlights challenges in addressing credit card debt despite some improvements and discusses the trend of increasing total credit card debt in America, concerns about people not paying off balances, and efforts by lawmakers to cap interest rates.
Americans owe more than $1 trillion to credit card companies, a record sum that’s likely to keep growing as rising interest rates prevent cardholders from paying down their debt. CNET’s Nick Wolny explains.
This episode was produced by Victoria Chamberlin, edited by Matt Collette, fact-checked by Laura Bullard and Amina Al-Sadi, engineered by Andrea Kristinsdottir and Patrick Boyd, and hosted by Jonquilyn Hill.
Transcript at vox.com/today-explained-podcast
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