American Consumer Financial Fairness Act
Capping sky-high interest rates. Stopping predatory car loans. Helping families escape the debt trap.
💵 What Does This Bill Do?
Credit cards charge crazy interest rates—sometimes 30% or more! Car loans target poor families with rates over 20%. This bill says "ENOUGH." It caps interest rates, limits sneaky fees, helps people get out of debt, and makes sure working families can afford a car to get to work.
🚨 The Debt Trap Is Real
(TRILLION!)
& fees each year
on some cards
NEED a car for work
🛡️ Two Big Problems. Two Big Solutions.
Credit Card Protection
Cap interest at 24%. Limit fees. Stop surprise rate hikes. Help people escape debt.
Auto Loan Protection
Cap car loan rates at 18%. Stop dealer tricks. Help workers buy cars. Prevent unfair repos.
💳 Credit Card Protections
Interest Rate Cap
No card can charge more than
No Penalty Rate Surprise
Penalty rates can't be more than 5% above your regular rate
No Universal Default
Late on another bill? They can't raise YOUR card's rate!
Annual Rate Review
If your credit improves, they MUST lower your rate
💰 Fee Limits That Actually Protect You
Late Fee (1st time)
Not $40 like now!
Late Fee (repeat)
Within 12 months
Over-Limit Fees
Unless you opt in
Total Fees/Month
Or 3% of limit
🆘 Debt Relief for People in Trouble
Drowning in credit card debt? This bill creates real programs to help you climb out.
Rate Slashed
APR dropped to prime + 5%
Fees Waived
All penalty fees gone
Principal Cut
Up to 25% for low-income
Payment Plan
36-60 months to pay off
Free Counseling
4 hours of financial help
🚗 Auto Loan Protections
Interest Rate Cap
No car loan can charge more than
Dealer Markup Limit
Dealers can only add 2% to the lender's rate
Doc Fee Cap
All dealer fees combined can't exceed $200
No Loan Packing
Can't force you to buy extras to get the loan
👨👩👧👦 Help for Working Families Who Need a Car
In most of America, you need a car to get to work. But car loans trap low-income workers in debt. This bill helps.
Employers who help? They get a 25% tax credit up to $5,000 per employee!
🚙 Repossession Protections
Losing your car means losing your job. This bill makes sure repo is the LAST option, not the first.
30-Day Warning
Written notice required before any repo
Must Offer Alternatives
Payment plan, forbearance, or deferral REQUIRED
Right to Cure
Pay what you owe and get your car back (up to 3 times)
No Deficiency for Poor
Below 200% poverty? They can't sue for the difference.
Job Protection
Employer can't fire you just because your car was repoed
🆘 Emergency Help When Life Gets Hard
Lost your job? Medical emergency? Disaster? You get automatic relief—no begging required.
What You Get for 6 Months
💰 How It's Paid For
Small fees on the biggest lenders—the ones making billions off high interest rates.
Funded by: 0.05% fee on big credit card companies • 0.1% fee on car loans over $30,000 • Penalty fines collected
🛡️ Built-In Protections
States Can Do More
If your state has stronger protections, they still apply!
You Can Sue
Private right to sue violators. Class actions allowed.
Privacy Protected
Minimum data collected. Deleted after 7 years.
10-Year Sunset
Program ends unless Congress renews it.
Simple Paperwork
5 pages max for individuals.
Voluntary for States
No mandates. No penalties for not participating.
💳 Fair Rates. Fair Fees. Fair Chance.
Americans are drowning in debt—not because they're irresponsible, but because the system is rigged. This bill levels the playing field. It caps rates. Limits fees. Helps people escape debt traps. And makes sure working families can afford transportation to keep their jobs. That's showing your work.
Gregory Burgess for Congress
No Party Preference • California's 2nd Congressional District
"Show Your Work" Campaign