On the surface, a 10% cap on APRs could mean a big hit to credit-card companies' earnings. But a Jefferies analyst thinks it's “highly unlikely” that Trump gets his way.
President Donald Trump on Friday called for credit-card companies to cap the interest rates they charge customers, as the president leans harder into addressing consumers' affordability concerns.
Carrying credit-card debt has become increasingly expensive over the past several years, but some warn that lower interest rates could reduce credit access.
President Donald Trump said that he would impose a 10% cap on credit card interest for one year. The announcement is the latest in a series of economic proposals the president has made this week.
U.S. President Donald Trump said on Friday he was calling for a one-year cap on credit card interest rates at 10% starting January 20 but he did not provide details on how he planned to make companies comply.
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