Trump urges credit card companies to slash interest rates to 10% for one year [Yahoo! Finance]
NerdWallet, Inc. (NRDS)
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Source: Yahoo! Finance
"Please be informed that we will no longer let the American Public be 'ripped off' by Credit Card Companies that are charging Interest Rates of 20 to 30%, and even more, which festered unimpeded during the Sleepy Joe Biden Administration," the president wrote on Truth Social late Friday. Mr. Trump said the cap on interest rates should begin on Jan. 20, 2026, or the one-year anniversary of his second inauguration. Credit card interest rates currently average over 20%, according to Federal Reserve statistics , so a 10% cap would represent a significant cut in borrowing costs. It's unclear if the president will attempt to enforce his proposed 10% cap through some kind of executive action, or if his goal is to pressure credit card issuers to slash their rates voluntarily. CBS News has reached out to the White House and some of the largest credit card issues in the U.S. for comment. The idea of capping credit card interest rates has drawn bipartisan support. Last year, Republican
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