“We know that 10% of discretionary income is quite high for many families,” said Julia Barnard, a researcher at the Center for Responsible Lending, a nonprofit organization that produces research and policy advocacy to protect consumers from predatory lending.
On the campaign trail, President Biden proposed lowering that to 5% of a person's discretionary income, which could reduce a monthly loan payment by 50% or more for borrowers. That has not happened yet, however.
