President Trump advocates for a one-year, 10% cap on credit card interest rates, aiming to save Americans billions, but faces opposition from banks and industry groups who argue it could harm high-risk borrowers and reduce credit availability. Legislation supporting the cap is being considered, with some experts suggesting it could significantly lower interest costs for consumers.
Donald Trump announced a one-year plan to cap credit card interest rates at 10%, sparking mixed reactions from lawmakers, financial institutions, and critics, with concerns about implementation and potential impacts on credit availability.
President Trump advocates for a one-year, 10% cap on credit card interest rates, aiming to save Americans billions, but faces opposition from the banking industry and lawmakers, with potential legislative support from some Republicans.
President Trump has proposed a one-year cap of 10% on credit card interest rates, aiming to reduce consumer costs, but financial institutions criticize the move, arguing it could limit access to credit.
President Trump has proposed capping credit card interest rates at 10% for one year, a move supported by some lawmakers but opposed by credit card issuers and financial groups, citing potential reductions in credit availability and economic impact amid rising credit card debt levels.
