""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," Trump wrote in his social media post."
""Effective January 20, 2026, I, as President of the United States, am calling for a one year cap on Credit Card Interest Rates of 10%," he added."
""Coincidentally, the January 20th date will coincide with the one year anniversary of the historic and very successful Trump Administration.""
A one-year cap of 10% on credit card interest will take effect January 20, 2026. The announcement appeared on Truth Social and criticized credit card companies for charging rates of 20 to 30% or more. The proposal accompanies other economic measures, including instructing "representatives" to buy $200 billion in mortgage bonds to lower interest rates and monthly payments. The plan also includes barring "large institutional investors" from buying single-family homes and an executive order to limit defense contractors' corporate spending. The White House did not immediately respond to a request for comment.
Read at Business Insider
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