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NEWS: New GAO Report Finds Pandemic Assistance Helped Reduce Credit Card Debt for America's Working Class for First Time in Over a Decade

Press Release

Date: Oct. 30, 2023
Location: Washington, D.C.
Issues: Business, Consumers, and Employees

"This report demonstrates once again how critically important the American Rescue Plan was to the financial well-being of working families with children, the elderly, the sick, and the most vulnerable during the height of the pandemic. Unfortunately, now that this financial assistance has expired, large financial institutions are filling the void by trapping working families into massive credit card debt and predatory loans that come with usurious interest rates and exorbitant fees. That is absolutely unacceptable. Not only do we need to extend the $300-a-month direct payment for working families with children that cut the child poverty rate by more than 40 percent during the pandemic, we also need to cap credit card interest rates and sky-high fees. In other words, we need an economy that works for all of us, not just Wall Street CEOs and the top 1 percent."


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