Trump proposes cap on credit card interest at 10% (for a year)

[1srelluc]

Already been done.

Thread 'Trump proposes cap on credit card interest at 10% (for a year)'

Jan 9, 2026

Im not sure how I think about this. It is clear that the average citizen needs a break but generally rates for good borrowers are offset by higher rates for higher risk borrowers. Coupled with potential tariff checks to citizens, he could secure the mid terms. He is certainly being creative

• shockedcanadian
• Replies: 191
• Forum: Politics

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And lowering CC rates won't solve the affordability issue, it will just put it on credit.

Shit, damn blocked posters.....Mods please combine.

 

[d0gbreath]

Interesting. Not sure I'd touch that with a 10 ft. pole. In Trump's head cap interest rate = more consumer $ = GDP.

We got Monty Hall for POTUS, and he has 10 lb. balls.

Mr. Hall passed away in 2017. RIP

 

[Darlo kittu]

Democrats claim to be all about affordability yet they are jacking up taxes in the states they rule

Also several blue states are screwing people over by blocking tax cuts granted on January 1st

 

[citygator]

While this sounds good it will crash the economy.

$6T in purchases go through credit cards at an annual rate of 22%.

No one is lending consumers high risk credit at 10%.

 

[Hafar1014]

While this sounds good it will crash the economy.

$6T in purchases go through credit cards at an annual rate of 22%.

No one is lending consumers high risk credit at 10%.

Trump does not have the power to change interstates on credit cards

 

[citygator]

Trump does not have the power to change interstates on credit cards

Well, that too. No power to do it and it would be a disaster. This is one of those ideas that sounds good but isn’t. Like tax cuts.

 

[Mac1958]

One man micromanaging a country's economy through its corporations. There's a very specific word for that.

Ask Mussolini. He's considered the "Father" of it.

 

[Darlo kittu]

Well, that too. No power to do it and it would be a disaster. This is one of those ideas that sounds good but isn’t. Like tax cuts.

So is OCA opposed to these tax cuts bit loves the Dems ignoring them?

 

[1srelluc]

While this sounds good it will crash the economy.

$6T in purchases go through credit cards at an annual rate of 22%.

No one is lending consumers high risk credit at 10%.

They used to lock away loan sharks that charged less interest. Now we have institutionalized loan sharking and you you are fine with it because, reasons.

 

[OldFlame]

This thread is a hoot. Like I said, AOC introduced a bill in March of last year limiting credit card interest rates to ten percent, it is not temporary. That on the heels of a temporary limit of ten percent, until 2031, proposed in a bill by Bernie Sanders last January. Both are languishing in committee.

But the Trump nuts fawn over Trump's every "post". Oh, he is so creative, he is so wonderful. He works for the working man. Democrats sure didn't do anything about it.

Trump needs to hold a press conference with Sanders on one side and AOC on the other and demand those bills get out of committee and come up for a vote, amendments to be allowed. Can you see the heads on the right explode? But chance that happens is slim to none and Slim left town.

Why didn't they introduce those bills and pass them when they controlled Congress during the Bidumb admin, they could have easily gotten it through then?

 

[OldFlame]

This is all about posturing. It ain't going to happen. Those bills will never come out of committee. French Hill in the House, Tim Scott in the Senate. Who do you think are their biggest contributors?

Hey, you got something right, those bills being submitted when they know there is a snowball's chance in hell of them being passed was complete political posturing. Otherwise they would have submitted them back when they controlled Congress and they could have actually been passed by the D's. Right?

 

[OldFlame]

Maybe they won’t, doesn’t mean the president can’t use the bully pulpit to still pressure the companies to do it on their own.

With that said, I personally don’t care if the do. I have little empathy for people that don’t realize how much interest their card carries let alone run up the debt on it and not pay it off monthly

A lot of people had no choice when the Bolsheviks shut down the economy in 2020 and started a shitshow of inflation.

 

[OldFlame]

For someone that works a regular job, I agree. No business carrying a balance on a credit card. But for business owners, self-employed, they are vital. I like what my oldest son told his brother. Financially, he is a beast. Closed on his house a few days before he walked across the stage to get his diploma. Paid off his student loans in the first year. He uses nothing but credit cards, pays the balance off each month. Has a company card, gets to keep all the rewards and miles. Since he does a lot of international travel, business class always, he builds up an insane amount of rewards and miles.

So, at least once a month he is at the beach, in the mountains, taking a quick vacation, all paid for with rewards. He tells his brother, I get these rewards because of people like you, that carry a balance and pay interest, thanks.

What a nice brother. Why doesn't he literally 'share his wealth' with his poor, downtrodden brother? What an evil capitalist he is.

 

[1srelluc]

Just a few short years ago my mailbox would be full of offers for credit cards. They were trying to outdo each other by offering interest at single digits above the prime rate.

Now they are all offering 22.0 - 24.2%. Basically traditional loan sharking without the knee-capping.

 

[1srelluc]

I have a near perfect credit score, no mortgage, no car loans, a shit ton in available credit, a basically 0 debt to credit ratio, my CC has been paid off monthly for years.

My CC rate went to over just over 18%. It makes no sense.

I guess they figure that they can really **** me over if I miss a month for some unforeseen reason.

 

[Darlo kittu]

Here is the bottom line. Would you loan $100 to someone who borrowed $100 from a friend of yours and did NOT pay him back?

Credit is based on factors such as your payment history. Total credit line and amount of the available credit you are using

Also credit card companies are in business to make money

If you don't want to pay high rates of interest do not carry a balance from month to month

 

[g5000]

Trump proposes cap on credit card interest at 10% (for a year)​

Trump's inner far left limousine liberal New York Democrat just can't be held down!

 

[struth]

I have a near perfect credit score, no mortgage, no car loans, a shit ton in available credit, a basically 0 debt to credit ratio, my CC has been paid off monthly for years.

My CC rate went to over just over 18%. It makes no sense.

I guess they figure that they can really **** me over if I miss a month for some unforeseen reason.

Yep credit card companies are in the business of people not paying off their balance

 

[Darlo kittu]

Yep credit card companies are in the business of people not paying off their balance

Or better yet try not carrying a balance

 

[1srelluc]

I'm wondering if there is some "interest fixing" going on.

Folks with high balances used to always be transferring balances from one CC company to another.

I don't hear about much of that going on anymore.