Trump Proposes 10% Credit Card Interest Cap Amid Affordability Concerns

President Donald Trump has proposed a 10% cap on credit card interest rates for one year, aiming to address affordability issues ahead of the upcoming midterm elections. While supporters argue this could save Americans billions annually, critics warn it may restrict credit access and negatively impact economic growth. Current average credit card interest rates stand at 19.64%, and the proposal could face challenges in Congress. The cap is intended to take effect on January 20, but its feasibility remains uncertain as financial institutions express strong opposition, claiming it could lead to reduced credit availability for consumers.

Key Details: • Proposed interest rate cap set to take effect on January 20. • Current average credit card interest rate is 19.64%. • Potential savings of $100 billion annually for consumers if the cap is implemented. • Opposition from major banks, which may limit credit access if the cap is enforced.