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GOBankingRates
GOBankingRates
Gabrielle Olya

Trump’s 10% Credit Card Rate Cap Could Backfire, Expert Warns

Donald Trump GoBankingRatescom
Aaron Schwartz/UPI / Shutterstock

The average credit card interest rate is now a whopping 23.79% — a rate that makes it difficult to crawl your way out of credit card debt once you have it. But that rate would be a lot lower if President Donald Trump gets his way.

In a Jan. 9 Truth Social post, Trump stated that he “will no longer let the American public be ‘ripped off’ by credit card companies that are charging interest rates of 20 to 30%,” and proposed that a one-year interest rate cap of 10% go into effect by Jan. 20. However, that deadline has passed, and no major credit card company has complied with Trump’s directive, USA Today reported.

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