President Trump is calling for a one-year cap on credit card interest rates of ten percent. He said in a Truth Social post it would be effective January 20th, to coincide with the one-year anniversary of what he called the “historic and very successful” Trump administration. The president said he’ll no longer let the American public be “ripped off” by credit card companies charging interest rates of 20 to 30 percent. Trump did not explain how the cap would be imposed. He said the high rates “festered unimpeded” during the Biden administration.
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