Trump urges credit card companies to slash interest rates to 10% for one year
cbsnews.com••business
Key Points:
- President Trump has called for a one-year cap on credit card interest rates at 10%, starting January 20, 2026, aiming to reduce borrowing costs that currently average over 20%.
- The proposal has bipartisan support, with lawmakers like Sen. Josh Hawley and Sen. Bernie Sanders backing similar legislation, citing the burden of $1.23 trillion in credit card debt on Americans.
- Credit card issuers and banking groups oppose the cap, warning it could restrict credit access for millions of consumers, particularly riskier borrowers, potentially pushing them toward higher-cost alternatives.
- Critics argue a 10% cap would force lenders to cancel many credit cards, reduce credit availability, and harm consumers who rely on credit for everyday expenses.
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