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.
ReplyDelete