Trump Proposes 10% Cap on Credit Card Interest Rates

The former president's plan faces skepticism from experts and industry opposition, raising concerns over its feasibility and potential consequences.

Donald Trump announced his intention to implement a temporary 10% cap on credit card interest rates if re-elected.
Experts warn that such a cap could lead to reduced access to credit, especially for lower-income borrowers, and potential increases in fees.
The proposal would require congressional approval, which is seen as highly unlikely given the strong opposition from the banking industry.
Current credit card interest rates average around 21%, with some retail cards charging over 30%, highlighting the significant reduction Trump's plan would entail.
Critics argue that the plan is more of a political move to gain voter support rather than a feasible policy, with parallels drawn to other populist promises made during Trump's campaign.