U.S. President Donald Trump announced on Friday that he is advocating for a one-year cap on credit card interest rates, setting the limit at 10 percent. The proposal aims to provide relief to consumers facing high-interest charges, though specific implementation details have not been disclosed.
The proposed interest rate cap comes as part of broader discussions on financial regulation and consumer protection. Trump did not specify how the cap would be enforced or whether it would be applied universally across all credit cards or targeted at particular sectors.
Financial industry representatives and consumer advocates have expressed mixed reactions to the potential policy. Supporters argue that setting a maximum interest rate could help reduce debt burdens on consumers, while opponents warn that such limits might impact lenders’ willingness to extend credit or could lead to changes in lending practices.
No formal legislation or regulatory measures have been introduced related to the proposal, and additional details are expected to clarify how the cap would be implemented and enforced in the coming weeks.