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President Donald Trump called for a 10% cap on credit card interest rates starting Jan. 20. Here's what we know.
President Donald Trump has said there will be a one-year cap on credit card interest rates set at 10%. What is the average?
His declaration requires congressional approval to become law and could restrict some consumers' credit availability.
Amid voter concern about the economy and affordability, President Donald Trump announced a new policy: a 10% cap on credit card interest rates for one year.
Trump's 10% credit card rate cap is meant to help struggling borrowers, but industry data shows 80% of accounts could be cut off, hitting those borrowers hardest.