Trump's recent pledge to impose a temporary 10% cap on credit card interest rates illustrates an increasing concern regarding the growing credit card debt among Americans.
Americans were carrying $1.14 trillion in credit card debt as of the second quarter of 2024, illustrating just how critical financial regulations may become in upcoming elections.
Efforts to cap credit card interest rates haven't succeeded historically, indicating that even popular proposals could face significant legislative hurdles if pursued.
To enact a change in credit card interest rates, it would require an act of Congress to amend the Truth in Lending Act, which presents considerable legislative challenges.
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