Sen. Josh Hawley, R-Mo., accused credit card companies of "monopoly behavior" during a Nov. 21 Senate Judiciary hearing that featured him again calling for caps on interest rates.
Hawley was discussing record-level credit card debt following a report issued earlier this month by the Federal Reserve Bank of New York that revealed Americans have amassed $1.17 trillion in debt. The report said in the third quarter of 2024, that debt grew by $24 billion, an 8.1% increase from a year ago.
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