Donald Trump Proposes 10% Cap on Credit Card Interest Rates

Interest Rate Cap Proposal

• 💡 Donald Trump suggests a one-year cap of 10% on credit card interest rates.
• 🎯 This proposal aims to provide relief to consumers struggling with high interest charges.

Concerns Over High Credit Card Rates

• ⚠️ Trump highlights that credit card companies are charging rates as high as 28% to 30%.
• 📉 He argues that consumers cannot afford to pay such high rates, leading to financial distress and bankruptcy.
• 🗣️ He mentions that even friends in the credit card industry acknowledge the high profits and the need to offer breaks.

Rationale for the Cap

• 💰 The current high interest rates are described as unsustainable for many individuals.
• ⚖️ Trump questions the legality or fairness of current usury rates, referencing the concept of usury.
• 🚀 The proposed cap is intended to help people who are slightly late on payments avoid crippling debt.