"Trump, who first proposed such a cap on the campaign trail, floated the idea in a post on Truth Social last week, saying Americans were being ripped off with interest rates as high as 30 percent. list of 4 itemsend of list Trump returned to the idea again on Sunday, saying credit card companies had really abused the public. We're putting a one-year cap at 10 percent. And that's it. They know it, Trump told reporters on Air Force One."
"Outstanding credit card debt stood at $1.23 trillion as of September, up from $1.17 trillion the previous year, according to the Centre for Microeconomic Data at the Federal Reserve Bank of New York. That figure does not include other common forms of debt that put pressure on household finances, such as auto loans and mortgages. Broken down by customer, the average credit card debt was $6,555 in November, according to TransUnion, a US credit reporting agency."
President Donald Trump announced a one-year cap on credit card interest rates at 10 percent effective January 20. The cap returns a campaign proposal and followed a Truth Social post criticizing rates up to 30 percent. Bipartisan support exists for lowering card costs, but experts warn of unintended consequences, including reduced access to credit for some consumers. Outstanding credit card debt reached $1.23 trillion in September, with average interest rates rising to 22.83 percent in August from 16.28 percent in 2020 and average per-customer debt of $6,555 in November. Rising borrowing costs and cost-of-living concerns influence voter dissatisfaction and electoral politics.
Read at www.aljazeera.com
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