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Trump calls for 1-year cap on on credit card interest rates at 10%
Posted on 1/10/26 at 9:37 am
Posted on 1/10/26 at 9:37 am
Seems like this kind of thing should be tied somewhat to the rate of inflation rather than a fixed percentage. Dims did this back in Carter's day and it wrecked the credit system because the rates were capped below the rate of inflation.
quote:
In what will surely be hailed as a massive gift to America, President Donald Trump announced Friday night that all credit card interest rates will be capped at 10% for one year. This would lift the burden for many Americans who have been struggling under the weight of high-interest rate debt.
In a post, he said "Please be informed that we will no longer let the American Public be 'ripped off' by Credit Card Companies that are charging Interest Rates of 20 to 30%, and even more, which festered unimpeded during the Sleepy Joe Biden Administration. AFFORDABILITY! Effective January 20, 2026, I, as President of the United States, am calling for a one year cap on Credit Card Interest Rates of 10%. Coincidentally, the January 20th date will coincide with the one year anniversary of the historic and very successful Trump Administration."
https://thepostmillennial.com/breaking-trump-calls-for-1-year-cap-on-on-credit-card-interest-rate-at-10
3
Posted on 1/10/26 at 9:39 am to Auburn1968
No matter what TRUMP does.....it will be wrong by the DEMS....
Posted on 1/10/26 at 10:05 am to Auburn1968
quote:Gonna need to see a link on that one. AI says there were no interest rate caps during the Carter administration. And I don’t know enough about the time period to refute that.
Dims did this back in Carter's day and it wrecked the credit system because the rates were capped below the rate of inflation.
Posted on 1/10/26 at 10:25 am to funnystuff
GROK says:
quote:
State Usury Caps in the 1970s and Economic PressuresBy the mid-1970s, amid high inflation, most states had imposed usury caps on credit card interest rates at around 18%, with some as low as 12% (e.g., Minnesota).
legalhist.jotwell.com +1
These caps were binding constraints; for instance, credit card rates in 1977 showed significant bunching at state limits, indicating lenders could not charge more without violating laws.
gflec.org
States like New York maintained low ceilings (around 12%), which became problematic as inflation soared to 20% by the late 1970s, making lending unprofitable for banks paying higher rates on deposits.
pbs.org +1
Usury laws aimed to protect consumers but often restricted credit access, leading to reliance on illegal loan sharks for small loans.
rtp.fedsoc.org
Credit card penetration remained low (around 15% of Americans in 1970), partly due to these restrictions.
rtp.fedsoc.org
Federal oversight was limited to disclosures and anti-fraud measures, with no pre-1978 attempts at a national rate cap.
Posted on 1/10/26 at 2:14 pm to Auburn1968
Posted on 1/10/26 at 2:30 pm to oldskule
quote:
No matter what TRUMP does.....it will be wrong by the DEMS....
Yes, because if Biden did this then this entire board wouldn’t be screaming he’s a socialist, right?
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