Bernie Sanders Backs Trump’s Proposal to Cap Credit Card Interest Rates at 10%

Sanders plans to introduce legislation supporting President-elect Trump’s campaign promise to address soaring credit card rates.

Sen. Bernie Sanders announced his intention to introduce legislation capping credit card interest rates at 10%, echoing a proposal by President-elect Donald Trump during his campaign.
Trump initially pitched the idea as a temporary measure to alleviate financial pressures on working Americans, citing current rates of 25-30% as unacceptable.
The average credit card interest rate has reached 24.43%, the highest in decades, while U.S. credit card debt has climbed to $1.17 trillion with rising defaults.
Critics, including industry groups and some Republicans, warn that such caps could reduce credit availability and push consumers toward riskier alternatives like payday loans.
Sanders challenged Trump to support the forthcoming legislation, highlighting the need to protect working-class Americans from predatory lending practices.