American Consumer Financial Fairness Act
Capping credit card interest rates, stopping unfair auto loans, and helping working families get out of debt — because your paycheck should build your future, not pay for someone else's profits.
The Problem: Debt That Never Ends
Americans are trapped in a cycle of high-interest debt — this law changes that
🛡️ Credit Card Protections
Real rules to stop credit card companies from trapping you in debt
Interest Rate Caps
No credit card can charge more than 24% interest — ever. Penalty rates can only be 5 points higher than your regular rate. No more 35% interest traps.
Max 24% APRNo Surprise Rate Hikes
Credit card companies can't raise rates on money you already owe. They can only charge higher rates on new purchases — and they must warn you 45 days ahead.
45-Day WarningFee Limits
Late fees capped at $15 (first time) and $25 (after that). Total fees in any month can't exceed $35 or 3% of your credit limit — whichever is less.
Max $35/MonthDebt Trap Warnings
Every statement must show how long it takes to pay off your balance with minimum payments. If it's over 10 years, you get a "DEBT TRAP ALERT" warning.
Clear WarningsHelp for Working Families
Real money and real programs to help workers get out of debt and get to work
🚗 Car Loans for Workers
If you need a car to get to work but can't afford one, you can get a federally-backed auto loan with low interest rates — as low as the federal rate plus 4%.
80% Loan Guarantee💵 Down Payment Help
Low-income workers can get up to $3,000 for a down payment on a car. Keep your job and make your payments for 5 years, and you don't have to pay it back!
Up to $3,000🎟️ Transportation Vouchers
Low-income workers can get up to $2,500 per year in tax credits for transportation — to pay down car loans, make down payments, or cover commuting costs.
$2,500/Year Tax Credit💼 Employer Tax Credits
Employers who help workers buy cars — through loan guarantees, payroll deductions, or down payment help — get a 25% tax credit, up to $5,000 per employee.
25% Tax Credit🔧 Free Car Inspections
Before you buy a used car through the program, it gets a free inspection by certified mechanics at community colleges and vocational schools. No surprises.
Free Inspections🛡️ Job Protection
Your boss can't fire you just because your car got repossessed or your wages got garnished for a car loan. Your job is protected.
Can't Be Fired📚 Free Financial Counseling
Everyone in the debt relief program gets 4 hours of free financial education. After you finish, you get help building your credit back up with a secured credit card.
Free Counseling🚙 Community Car Programs
Grants up to $2 million for nonprofits to create car cooperatives — shared vehicles that low-income workers can use for just $5/hour or $40/day.
$5/Hour Car Access🚗 Auto Loan Protections
In 85% of American communities, you need a car to get to work. But predatory auto lenders charge 29% interest and trap workers in loans they can't afford. This law stops that.
- 18% maximum interest rate on all auto loans
- 2% cap on dealer markups above the bank rate
- No forced add-ons — dealers can't make you buy extras to get a loan
- $200 max in documentation fees
- No "yo-yo" sales — once you drive off, the deal is done
- No remote shutoffs in the first 30 days of being late
18%
Maximum auto loan interest rate
💰 Debt Relief Programs
Real help to get out from under crushing credit card debt
Credit Card Debt Relief
Low-income borrowers can get up to 25% of their debt forgiven. Everyone gets rates cut to federal rate + 5%, and all old fees waived.
Debt Restructuring
Refinance high-interest credit card debt into a simple loan at 8-12% interest, with 3-5 years to pay it off. No prepayment penalties.
Auto Loan Refinancing
Credit unions and CDFIs can refinance your high-cost car loan down to the federal rate + 6%. If you're paying 29%, that's huge savings.
🆘 Emergency Help When Life Happens
Lost your job? Medical emergency? Natural disaster? You automatically get help — no begging required.
Lower Payments
Minimum payment drops to 1% or $25 for 6 months
Interest Paused
No interest charges during the hardship period
Credit Protected
No negative marks on your credit report
🚗 Repossession Protections
If you fall behind on your car payment, you still have rights
30-Day Warning
Lenders must give you 30 days written notice before they can repossess your car. They must offer at least one alternative — like a payment plan or forbearance.
Right to Cure
You can stop repossession by paying what you owe — up to 3 times during your loan. Lenders must also offer a hardship plan if you're struggling.
Low-Income Protection
If your income is below 200% of poverty level, lenders can't sue you for any leftover debt after they sell your car. You're protected.
Clear Accounting
After any repossession, you get a full breakdown within 15 days: what you owed, what the car sold for, and what they're charging you. No mystery fees.
Built-In Accountability
Every program reviewed, automatic sunset if it doesn't work
Your Paycheck Should Build Your Future
This law stops predatory lenders from trapping workers in debt, caps interest rates, creates real programs to help people get cars for work, and protects families when hard times hit. Credit should help you get ahead — not keep you behind.