Trump Proposes 10% Cap on Credit-Card Interest Rates to Address High Cost of Living
President Trump called for a one-year cap on credit-card interest rates at 10%, aiming to alleviate the financial burden on Americans with high credit-card debt. This proposal, announced during his 2024 presidential campaign, is part of broader affordability measures including a ban on institutional investors buying single-family homes and suggestions for Fannie Mae and Freddie Mac to buy $200 billion in mortgage bonds to lower borrowing costs. Current average credit-card rates are around 23%.