Trump Declares “Affordability” War, Proposes 10% Credit Card Interest Cap
In a bold move aimed directly at economic grievances, President Donald Trump announced a call for a one-year cap on credit card interest rates at 10%, framing it as a critical measure to halt Americans from being “ripped off.” In a Truth Social post, Trump placed blame squarely on the Biden administration for allowing rates to “fester unimpeded” at what he described as predatory levels of 20% to 30% and higher. The proposed policy, which he stated would take effect on January 20, 2026—coinciding with the one-year anniversary of a potential return to office—positions “affordability” as a central tenet of his economic platform and ignites a fierce debate over consumer protection and market intervention.
The announcement immediately thrusts credit card practices and household debt into the political spotlight. While consumer advocates have long criticized soaring APRs, such a direct federal cap on interest rates would represent an unprecedented intervention into consumer lending markets. Financial industry groups are likely to argue that such a cap could severely restrict credit access for higher-risk borrowers. By explicitly tying high rates to the current administration, Trump’s proposal strategically reframes a complex financial issue into a clear populist rallying cry, setting the stage for a heated policy battle centered on cost-of-living pressures and the role of government in regulating consumer finance.
