🚨 BREAKING: Trump Calls for One‑Year 10% Credit Card Interest Rate Cap
📣 Late Friday night, President Donald Trump announced on Truth Social that he is calling for a one‑year nationwide cap on credit card interest rates at 10%, set to begin on January 20, 2026 — coinciding with the first anniversary of his current administration.
💡 What's in the proposal:
• Trump framed the move as a measure to fight what he called “rip‑off” rates — credit cards currently often charge 20%–30% or more. (mint)
• He says the cap is intended to improve affordability for American consumers struggling with high debt.
• No details yet on how the cap would be implemented or enforced — including whether Congress would need to approve it. (Reuters)
📊 Why it matters:
• A 10% cap could dramatically cut borrowing costs for millions of Americans with credit card debt.
• Critics — including banking groups and economists — warn it could lead banks to tighten credit, reduce cards for higher-risk borrowers, cut rewards, or push consumers to riskier options.
• Legal and political hurdles remain, since such a cap would historically require legislative approval rather than unilateral executive action.
🔥 Trump's late-night announcement is grabbing headlines and shaking up financial markets, but the plan's actual impact — and whether it's legally viable — is still highly uncertain.
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