Implementing a Policy Fix to Cap Interest Rates

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The immediate policy fix suggested is to cap interest rates to prevent consumers from accumulating more debt and to examine the limits being extended to consumers, thereby stopping the cycle of increasing debt.

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.

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