KANSAS CITY, Mo. — Kansas City shoppers continue to search for financial relief ahead of Super Bowl Sunday.
"The credit card is just second nature for me," explained David Grace, a Chiefs fan purchasing team merchandise at Union Station. "Rewards points are the reason I decided to use the credit card."
Credit card debt in the United States reached $1.166 trillion, according to LendingTree. Forbes reports the average credit card interest rate is 28.6%.
In a bipartisan effort, Sen. Josh Hawley (R-Missouri) is teaming up with Sen. Bernie Sanders (I-Vermont), introducing a bill on Tuesday that would cap credit card interest rates at 10%.
"Americans have more credit card debt than ever before in history," Hawley told KSHB 41. "People are putting groceries on their credit cards. They're putting gas on their credit cards because they can't afford that stuff."
Senators Hawley and Sanders don't typically see eye-to-eye on policy. The two find themselves working together to change how America's banking system operates.
"When large financial institutions charge over 25 percent interest on credit cards, they are not engaged in the business of making credit available. They are engaged in extortion and loan sharking," Sanders said. "We cannot continue to allow big banks to make huge profits ripping off the American people. This legislation will provide working families struggling to pay their bills with desperately needed financial relief.”
In a recent Fox Business report, it highlighted Hawley introduced a bill in the last Congress that would cap credit card interest rates at 18%. The bill died in committee.
"Here's what our bill would do, cap it. Cap it at 10%. All credit card interest rates are capped for five years at 10%. It gives working people a chance to catch up," Hawley said. "It's exactly what Donald Trump endorsed on the trail, and I think it would be an enormous and important source of relief."
In the Trump campaign's race for the White House, it promised to lower credit card interest rates to 10%. Senate Bill 381 would give him the opportunity to do that.
“President Trump has promised to cap interest rates at 10% to provide temporary and immediate relief for hardworking Americans who are struggling to make ends meet and cannot afford hefty interest payments on top of the skyrocketing costs of mortgages, rent, groceries and gas," the Trump campaign said in a September press release.
Kansas City shoppers find themselves searching for ways to combat high interest rates to stay ahead.
“Better rates would help," James Vertreese told KSHB 41. “The rates are — they’re ridiculous. Since the Fed rates went up, it's made a big difference in the making monthly payments.”
KSHB 41 spoke with shoppers at Union Station celebrating the start of Super Bowl weekend.
Marilyn Simpson took her grandson shopping and to take pictures. She said she never watched her finances as closely until she retired.
"I am going to go back and start working like part-time," Simpson said. "It's concerning because there's people that have less than I do. I’m not hurting financially, but when I go to get gas today and the grocery store, at those two places you can spend up to $100-$120.”
According to the Missouri Economic Research and Information Center, in 2024, Kansas ranked #3 in the lowest average cost of living in the United States and Missouri ranked #6. Missourians say they're yet to feel the relief.
"We all hurtin’. We go to work. Everything is up but my paycheck," Cecilia Pulce, another shopper said. "We all need a little bit of help from somewhere.”
Other shoppers KSHB 41 spoke with say a major contributor to increased credit card debt is a society built around the swipe and tap.
"So many places in our life have gone cashless," Grace added. "You look at the stadiums, they’re cashless. You pretty much have to pay with a card."
Grace said capping credit card interest rates to 10% could create an economic boom and encourage consumers to buy more.
"Sometimes people have debt they don’t foresee, medical bills, car repairs, so a capped interest rate a low interest rate to protect them is a great idea," Grace explained. "I think you would potentially see retail spending increase if people knew their interest rate was lower and it could fit into their budget."
Senate Bill 381 was introduced on Tuesday and must pass both chambers of the House before it reaches the president's desk.
—
KSHB 41 reporter Ryan Gamboa covers Miami County in Kansas and Cass County in Missouri. He also covers agricultural topics. Share your story idea with Ryan.
