President Donald Trump has proposed a stunning change to Americans’ finances, calling for “a one year cap on Credit Card Interest Rates of 10%” on social media platform Truth Social last Friday, before doubling down on the plan while speaking to reporters on Air Force One Sunday.
While there’s no telling how an interest-rate cap would work - and if it’s even possible - a 10 percent rate would have a significant impact on the amount of interest a consumer would pay over the course of a year.
