Summary
President Donald Trump has proposed capping credit card interest rates at 10 percent for one year. A new poll shows that 64 percent of Americans support this idea, including a majority of Democrats, Republicans, and independents. The proposal has bipartisan backing in Congress, though some critics express concern it might limit credit card access.
Key Facts
- President Trump proposed a 10 percent cap on credit card interest rates for one year.
- A recent poll shows 64 percent of Americans support the cap, including majorities across political groups.
- The poll surveyed 3,801 adults and has a margin of error of plus or minus 1.8 percentage points.
- The Federal Reserve Bank of New York reports that 74 percent of Americans have at least one credit card.
- Lawmakers such as Senator Bernie Sanders and Representatives Alexandria Ocasio-Cortez and Anna Paulina Luna support similar measures in Congress.
- Critics worry the cap could make it harder for people to qualify for credit cards.
- Financial organizations suggest that the cap might reduce credit availability and harm small business owners.
