Trump Proposes Temporary 10% Cap on Credit Card Interest Rates

U.S. President Donald TRUMP has called for credit card companies to temporarily cap interest rates at 10%, citing affordability concerns for American consumers. The proposal, aimed at addressing rates currently ranging between 20% and 30%, would take effect on January 20, coinciding with Trump's first anniversary in office. The mechanism for enforcement remains unclear—whether through voluntary industry participation or government policy.

Trump's announcement, made via Truth Social, places blame on the Biden administration for rising living costs and high credit card fees. This marks a reversal from his prior stance, as his administration previously scrapped an $8 fee cap implemented under Biden, which WOULD have saved consumers an estimated $10 billion annually.

The push comes as U.S. credit card debt surpasses $1.23 trillion, amplifying debates over financial burdens on households. No direct cryptocurrency implications were noted in the proposal, though market observers often monitor fiscal policy shifts for potential Ripple effects across alternative asset classes.