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In 2022, credit card issuers charged $14 billion in late fees, he noted. This figure represented over 10% of the $130 billion total that the companies charged consumers in interest and fees, the ...
Trump wants to cap credit card interest rates at 10% — critics warn that it could cause people to lose their cards. Jing Pan. September 21, 2024 at 2:59 AM.
Credit card interest rates have never dipped to 10% in the Fed’s dataset, which dates back to 1994. But critics warned Trump’s plan would most hurt those he professed to help.
Trump last week said he wanted the federal government to cap credit card interest rates at 10%, a move that quickly irked fiscal conservatives. He said last month he supports a federal law that would force insurance companies to pay for IVF, frustrating some social conservatives who believe the embryos used in the process should be protected.
As a candidate, Trump pledged to cap the interest charged on credit card debt and the bureau has privately done work on that issue should the president wish to implement his promise. “While working Americans catch up, we’re going to put a temporary cap on credit card interest rates,” Trump said at a September rally.
Politicians on both sides of the aisle say they want a 10% credit card interest rate cap. The move would save consumers money and upend the industry. Donald Trump has some surprising allies in his ...
The whole scenario is basically a math problem. If Trump sets credit card APRs at 10%, banks will only extend credit to Americans with income levels, credit scores, and debt loads that allow them ...
Sen. Bernie Sanders, I-Vt., said he is looking forward to working with President-elect Trump and he hopes his administration sticks to his promise of capping credit card interest rates.