""Please be informed that we will no longer let the American Public be 'ripped off' by Credit Card Companies that are charging Interest Rates of 20 to 30%, and even more, which festered unimpeded during the Sleepy Joe Biden Administration. AFFORDABILITY!""
""Trump promised to cap credit card interest rates at 10% and stop Wall Street from getting away with murder. Instead, he deregulated big banks charging up to 30% interest on credit cards.""
""Many consumers who currently rely on credit cards would be forced to turn elsewhere for short-term financing needs, including pawn shops, auto title lenders or worse - such as loan sharks, unregulated online lenders and the black market,""
""while the proposed cap is a well-intentioned effort to reduce the high debt burden some households are facing, it would harm consumers' access to card credit.""
President Donald Trump called for a one-year cap on credit card interest rates at 10%, to take effect Jan. 20. He said Americans will no longer be "ripped off" by credit card companies charging 20% to 30% or more and demanded affordability. The call provided no details on enforcement or how card issuers might respond. The announcement aligns with efforts to address costs and prices ahead of the November midterms. Critics, including Senator Bernie Sanders, accused Trump of permitting deregulation that allowed high rates. Banking trade groups and the Bank Policy Institute warned a 10% cap could reduce access to card credit and push some borrowers toward predatory or unregulated lenders.
Read at Fortune
Unable to calculate read time
Collection
[
|
...
]