Trump calls for one-year cap on credit card rates at 10%

The post comes as the Trump administration ramps up efforts to demonstrate to voters that the president is taking action to address affordability concerns that have emerged as a central issue in the November midterm elections.

US President Donald Trump on Friday said he’s calling for a one-year cap on credit card interest rates at 10%, without specifying details.

“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. AFFORDABILITY!” he wrote on social media.

It’s not clear whether credit card companies will respond to his call or what actions he might take to force any change. He called for the cap to be effective on Jan. 20.

The post comes as the Trump administration ramps up efforts to demonstrate to voters that the president is taking action to address affordability concerns that have emerged as a central issue in the November midterm elections.