Summary
President Donald Trump wants to put a limit on credit card interest rates, setting them at no more than 10% for one year. This idea could help Americans save money, but banks and the credit industry are not in favor of it.
Key Facts
- President Trump proposed a 10% cap on credit card interest rates for one year.
- The cap could potentially save Americans tens of billions of dollars.
- Trump announced his idea on social media without specifying if it would be through executive action or new laws.
- A Republican senator is working with Trump and plans to introduce a bill for this cap.
- President Trump aims for the cap to start on January 20, marking one year since he resumed office.
- The banking industry, usually supportive of Trump, opposes the proposal.
