Donald Trump announced a one-year cap that would limit credit card interest rates to 10% this week, in a move that has prompted mixed reaction from lawmakers and beyond. The president’s social media post on Friday night said the restriction would take effect on 20 January, but he did not provide specifics on how the government would implement it or ensure that companies comply.
“Please be informed that we will no longer let the American Public be ‘ripped off’ by Credit Card Companies that are charging Interest Rates of 20 to 30%, and even more, which festered unimpeded during the Sleepy Joe Biden Administration,” Trump wrote in a Truth Social post.
During Trump’s second campaign, he had said he would implement such a cap, as American credit card debt hit a record of more than $1.1tn. That debt later reached a whopping $1.17tn in the third quarter of 2024, growing from $770bn in the first quarter of 2021.
Put another star on his cluster. This is a brilliant move politically. It's unimaginable that this would be turned down if it has to go to Congress for approval. Any DTS pol who comes out against this might as well confirm his or her reservation at the old jerkoff's home. Absolutely brilliant...
Yeah...pretty sure he doesn't have the authority to do this....and I doubt Congress has the cojones to.
ReplyDeleteAnd those whose credit is NOT GOID ENOUGH to qualify for 10% only will have to do what? Will the credit card companies DEMAND TO BE PAID? CANCEL THEIR CARDS? There are LAWS of economics and if you are not credit worthy, you don't get credit. Expect untold horrors from this. A better move would have been to ABOLISH THE FEDERAL RESERVE...the root cause ofvALL OF OUR BANKING ISSUES.
ReplyDeleteIf he does do it, a lot of credit card companies will drop people with low credit scores thus saving a lot of low-credit-score people from getting further in debt.
ReplyDeleteNever underestimate the multiple levels that Trump works on.
Same. Where in the Constitution does it say he has this power? Not that I wouldn't like to see lower interest rates.
ReplyDeleteWhere in the Constitution does it say judges have more power than the President, that states can defy federal law, that congress is in charge of the military, that a president can force you to have medical insurance, that a glorified clerk can use the auto pen to pass EOs, etc. The point being is that the Constitution is no longer the law of the land but Trump is following it more than most of our rulers.
DeleteCommendable move! Now do those "Pay Day Loan Sharks" and crap like "Advance America"! My Grandson THOUGHT he was getting his credit rebuilt my taking a "Line of Credit" at ZERO Interest! He then took $900.00. I told him his Interest Rate per his AGREEMENT was ONE HUNDRED AND NINETY PERCENT!! He said they told him NO Interest. I said "yeah, as long as you don't USE it and then it's 190%:! I paid it off for him and helped him get a loan at a Credit Union by setting up a Certificate of Deposit at 3.6% Interest to ME and then he has a LOAN at 5.6%!! He paid MORE in four months on $900 than he'll pay in TWO YEARS on $5000! It should be CRIMINAL, but it's not and the people who need help the most are HURT the most!
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