The banking world is already pushing back hard against President Trump’s recent demand to cap credit card interest rates at a mere 10%. JPMorgan Chase is leading the charge, hinting strongly that the entire industry might litigate to block the move, saying that they have to consider “everything’s on the table.”
This whole situation stems from a directive President Trump (known for his bankruptcies) issued late last Friday. He wants credit card companies to slash their interest rates down to 10% for a full year, with a proposed start date of January 20. That is an absolutely radical drop when you consider that the current national average credit card rate is sitting at 19.7% right now.
