Trump Proposes Caps on Credit Card Interest Rates
Submitted by MAGA
Posted 15 hours ago
Former President Donald Trump is making waves with his bold proposal targeting consumer credit card interest rates.
In a move aimed squarely at helping American families grappling with towering debt, Trump has called for a one-year cap on credit card interest rates, proposing a limit of 10%.
This idea, shared via his Truth Social account, reflects Trump's ongoing commitment to reducing financial burdens on the American public, particularly in light of the excessive rates averaging over 20% that many have faced in recent years.
"The American public will no longer be 'ripped off' by credit card companies," Trump declared, criticizing what he sees as exploitation that flourished during President Joe Biden's administration.
As the nation grapples with record-high credit card debt exceeding $1.23 trillion, Trump's proposal has garnered support across party lines.
Senator Josh Hawley of Missouri and Representative Anna Paulina Luna of Florida—both of whom understand the heavy toll that debt takes on working-class Americans—have lauded this initiative.
Their sentiments echo a broader frustration felt by consumers fed up with skyrocketing interest rates that trap them in cycles of debt.
While some financial institutions argue that capping interest rates could limit access to credit for millions, supporters believe it is a necessary step to level the playing field.
Critics like billionaire investor Bill Ackman have voiced concerns about potential unintended consequences, warning that such restrictions may lead credit companies to curtail lending and push individuals towards less regulated, predatory alternatives.
Trump’s proposal is part of a larger strategy to address concerns about affordability as he prepares for his second term in office.
Additionally, the president has been vocal about other initiatives aimed at lowering borrowing costs, including pushing for significant reductions in mortgage rates.
As the conversation continues, many are calling for a fairer financial landscape, one where hardworking Americans no longer feel suffocated by oppressive debts.
In a climate where bipartisan support for relief is becoming increasingly apparent, it remains to be seen how credit card companies will respond to Trump’s call for change.
Whether this proposal takes shape into actionable policy remains uncertain, but one thing is clear: Trump is committed to reciprocating the trust placed in him by voters who want to see real results.
Sources:
cbsnews.com
cbsnews.com
cbsnews.com
In a move aimed squarely at helping American families grappling with towering debt, Trump has called for a one-year cap on credit card interest rates, proposing a limit of 10%.
This idea, shared via his Truth Social account, reflects Trump's ongoing commitment to reducing financial burdens on the American public, particularly in light of the excessive rates averaging over 20% that many have faced in recent years.
"The American public will no longer be 'ripped off' by credit card companies," Trump declared, criticizing what he sees as exploitation that flourished during President Joe Biden's administration.
As the nation grapples with record-high credit card debt exceeding $1.23 trillion, Trump's proposal has garnered support across party lines.
Senator Josh Hawley of Missouri and Representative Anna Paulina Luna of Florida—both of whom understand the heavy toll that debt takes on working-class Americans—have lauded this initiative.
Their sentiments echo a broader frustration felt by consumers fed up with skyrocketing interest rates that trap them in cycles of debt.
While some financial institutions argue that capping interest rates could limit access to credit for millions, supporters believe it is a necessary step to level the playing field.
Critics like billionaire investor Bill Ackman have voiced concerns about potential unintended consequences, warning that such restrictions may lead credit companies to curtail lending and push individuals towards less regulated, predatory alternatives.
Trump’s proposal is part of a larger strategy to address concerns about affordability as he prepares for his second term in office.
Additionally, the president has been vocal about other initiatives aimed at lowering borrowing costs, including pushing for significant reductions in mortgage rates.
As the conversation continues, many are calling for a fairer financial landscape, one where hardworking Americans no longer feel suffocated by oppressive debts.
In a climate where bipartisan support for relief is becoming increasingly apparent, it remains to be seen how credit card companies will respond to Trump’s call for change.
Whether this proposal takes shape into actionable policy remains uncertain, but one thing is clear: Trump is committed to reciprocating the trust placed in him by voters who want to see real results.
Sources:
cbsnews.com
cbsnews.com
cbsnews.com
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