KSHB 41 reporter Grant Stephens covers stories of consumer interest. Share your story idea with Grant.
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President Donald Trump has called for a 10% credit card rate cap to help relieve the payment burden for millions of Americans, asking credit card companies to make the change by Tuesday, Jan. 20.
The proposal comes as new data shows Missouri and Kansas residents are struggling with mounting credit card debt. A report from WalletHub shows Missouri ranked worst in the nation for credit card scores going down in 2025, while Kansas came in fourth.
Debt counselors say inflation, high housing costs and interest rates averaging 23% have led to a higher number of people carrying debt on their cards.
"Consumers are strapped for cash these days, and they're really looking at, can I afford this, and how do I continue to make these payments?" said Johanna Samara, vice president of debt resolution at Money Management International. "I've been in the industry for about 20 years, and I am actually seeing debt loads higher than what I did during the recession."
According to Samara, 60% of Americans carry revolving debt, meaning they carry a balance that gets hit with interest and builds over time.
Financial experts recommend paying off your balance before you get hit with interest, which is important on any card but especially those with high rates. At minimum, make the minimum payments because skipping a payment can damage your credit score quickly.
For those considering debt relief, experts warn to watch out for predatory companies demanding upfront payment. They recommend paying more than the minimum to reduce your principal faster, and don't rule out calling in professional help.
Trump's current proposal echoes previous legislative efforts. Last year, U.S. Sens. Josh Hawley (R-Missouri) and Bernie Sanders (D-Vermont) introduced a bill to cap credit card rates at 10%. Like Trump's proposal, it has been met with challenges, particularly from the banking industry.
This story was reported on-air by a journalist and has been converted to this platform with the assistance of AI. Our editorial team verifies all reporting on all platforms for fairness and accuracy.
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