"Protect" or "harm"? Trump calls for credit card interest rates to be capped at 10% effective January 20th.

President Donald Trump on Friday called for a 10% cap on credit card interest rates for one year, effective from January 20th, but did not specify the details. He wrote on social media, "Please note, we will no longer allow credit card companies to 'exploit' the American public with rates of 20% to 30% or even higher, a phenomenon that ran unchecked during the sluggish Joe Biden administration. The people need to be able to afford it!" It is currently unclear whether credit card companies will respond to his call, and it is also unclear what actions he may take to push for this change. At the time of Trump's post, his administration is intensifying efforts to show voters that the president is addressing concerns about the cost of living and prices - issues that have become central topics in the November midterm elections. Hours before Trump's message was posted, independent Vermont Senator Bernie Sanders said on X platform, "Trump promised to cap credit card interest rates at 10% and to stop Wall Street from getting away with murder. Instead, he relaxed oversight of big banks, allowing them to charge up to 30% interest on credit cards." In a report last year on a similar proposal in Congress, the Institute for Bank Policy Research pointed out, "While the proposed interest rate cap aims to alleviate the high debt burdens faced by some households, the good intentions could harm the channels through which consumers access credit card credit. Since the minimum monthly payments on credit cards are relatively low, it remains an essential and affordable source of liquidity for many households."