Overview

• Trump's proposal aims to provide temporary relief for Americans burdened by high credit card interest rates, which average over 20%.
• Republican lawmakers argue that capping interest rates would reduce access to credit for many consumers, particularly those with lower credit scores.
• Financial experts warn that the proposed cap could lead to unintended consequences, including higher fees and reduced credit availability.
• Consumer advocates express skepticism about the feasibility and effectiveness of the cap, noting that similar measures have stalled in Congress.
• The plan is part of Trump's broader economic campaign promises, which include eliminating taxes on tips and making in vitro fertilization treatments free.