The U.S. Senate has rejected a bill intended to lower interest rates on major credit cards, according to the Associated Press. The bill was defeated in a vote of 60 to 35.
This particular motion was an amendment to the larger financial regulation bill that is currently making its way through the Senate. The amendment would have banned banks from charging interest rates based on what is permitted in the states where a the bank is headquartered. Instead, states would be able to put their own interest caps on the institutions that issue the cards, no matter where bank is headquartered, the news source reports.
Republicans in the Senate have been fighting the bill, which would be the biggest rewrite of financial rules since the Great Depression, the source reports.
Many people who use credit cards for regular purchases find it difficult to get out from under debt accrued due to high interest rates. If you are having trouble overcoming debt, one option is to hire a professional debt counselor, according to MSNBC. You should also make a budget to help you spend money you have earned, rather than making purchases on credit.