Trump calls for 1 year cap on credit card interest rates
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Americans' debt loads are at record highs, resurfacing a decadeslong debate on how to prevent companies from maximizing profit at consumers' expense.
Trump's year-long cap on credit card interest is "well-intentioned," say experts, but it poses significant risks.
Credit card debt is an embarrassment to many Americans. It is especially embarrassing, apparently, to people who earn a lot.
For example, the Prime Rate is currently 6.75%. There’s nothing preventing a card issuer from tweaking a new customer offer from Prime Rate + 13% up to Prime Rate + 13.25% if it wishes to mitigate the impact of a Fed rate cut and make more money from interest charges.
Skip interest for up to two years with these 0% intro APR offers, perfect for large purchases in 2026 or paying off high-interest debt.