GUNNISON, Utah — President Trump's proposal to cap credit card interest rates is a move that could lower costs for millions who carry debt. often just to cover basic necessities. Any credit card cap would come as welcome news for many central Utah local families.
"I honestly think it would be amazing," said Missy Draper, a single mom of three. "There are so many families that are now relying on credit cards."
Draper says the high interest rates charged when carrying a balance from one month to the next can really get you into financial trouble.
"I’m a single mom, and sometimes it just doesn’t balance at the end of the month to where I have enough money to cover basic needs and necessities, but that creates an issue long-term because I have to pay all these fees, so it creates a lose-lose situation for me, personally," Draper explained.
According to Trump's social media posts, the credit card interest rates would be capped at 10 percent, far below the average 23 percent APR, with some institutions charging as high as a 36 percent rate.
"I think, honestly, the biggest hope that I could get would be to get a little bit of relief on that end as far as getting hit with so much interest monthly," Draper said. "If I didn’t have to pay so much interest, I could pay off my debt, and then you wouldn’t be just going further and further into the hole, and you can’t dig yourself out."
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Many shoppers we spoke with at a Gunnison grocery store on Tuesday said the simple act of putting food on the table is something they need credit cards to do, and those credit cards can come with high interest rates.
"I think a lot of people are just stuck paying minimal payments because the interest rates are so high," shared registered nurse Miranda Valencia.
Valencia is a mother of six with one on the way.
"With such high interest rates, you’re never able to get on top of payments, because you’re just making the minimum payment," she said.
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Valencia has worked as a nurse for 12 years, but she has struggled with credit card debt in the past.
"I feel like you put a couple hundred dollars on there and it just spirals," she explained. "So I’m actually avoiding credit cards at this time to try to stay out of debt that way.
"I’ve had to do debt consolidation loans to try to get out of debt for those credit cards, and now that’s something that I try to avoid."
Valencia says the high rates and fees seem to target those who need help the most.
"You’re already in a bind, you’re already in an emergency," she said. "That’s why people use the credit cards to begin with, and then it just spirals from there, and what do you do?"
