Trump calls for one-year 10 percent cap
on credit card interest rates
The Hill,
by
Ashleigh Fields
Original Article
Posted By: Mercedes44,
1/10/2026 7:46:18 AM
President Trump on Friday night called on credit card companies to cap interest rates at 10 percent.
“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!” the president wrote in a post on Truth Social, using a term he has frequently referred to as a “hoax” pushed by Democrats.
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,
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Reply 1 - Posted by:
Californian 1/10/2026 8:01:51 AM (No. 2052564)
Anyone not fully paying off the previous credit statement every month during non emergency times is just dumb.
The math on that is horrific. But people are dumb and want their toys -right now- even though over the short, mid, and long terms not fully paying off cards is financial suicide.
Changing top rate to 10% will fix nothing. They'll still max their cards and never do anything to change their self inflicted damaging idiotic behavior.
24 people like this.
Reply 2 - Posted by:
FunOne 1/10/2026 8:29:50 AM (No. 2052575)
10% should provide a decent profit for the credit card companies. Rates of 20-30% are as unfair as people upping the price of water in hurricane areas.
20 people like this.
Reply 3 - Posted by:
anniebc 1/10/2026 8:38:13 AM (No. 2052582)
I only use credit cards like cash/check, but I realize many people don't have enough to make ends meet while others are careless with spending and use credit cards to their disadvantage. It's insane to pay interest rates on purchases, especially when you get something on sale. You can pay way more than full price when you pay interest.
12 people like this.
Reply 4 - Posted by:
Dodge Boy 1/10/2026 8:48:49 AM (No. 2052588)
I hope the President is successful with his push for ten percent interest rates. Long-term credit card debt at any level is a horrible position to be in especially for young families with small children. Paying many hundreds of dollars per month just to cover the required minimum interest payment is crushing. The constant finance stress eventually splits families into pieces. Far too many Americans have become debt-slaves to the financial system. The global elites and the banks couldn't be happier.
21 people like this.
Reply 5 - Posted by:
red1066 1/10/2026 8:54:56 AM (No. 2052597)
Well, it's a start. I paid off my care credit dental card after realizing this loan shark organization was charging over 39% interest on balances.
6 people like this.
Reply 6 - Posted by:
Safari Man 1/10/2026 9:39:11 AM (No. 2052636)
Ordinarily I would say let the market decide. But the natural barriers to entry make this market an oligopoly which calls for government regulation. Credit abuse is a sickness. My sister has it, BAD. Gambling, pharmaceuticals, alcohol, etc are similar and our weak-minded populace needs some guard rails.
I don't think the credit card companies would like one of the alternatives -- US Treasury issuing its own credit card at 5% with about a $1000 limit (or some equivalent).
7 people like this.
Reply 7 - Posted by:
JHHolliday 1/10/2026 9:42:47 AM (No. 2052642)
Basically giant loan sharks if you don't pay them off every month. They are also getting 3% vig on the point of sale. Like a lot of young couples, we got in deep our first few years of marriage. Got smart, took a home equity loan and paid them off. It took awhile to pay that off but the interest rate was reasonable. That was forty years ago and I haven't carried a balance on a card since.
I think every high school should mandate a class on personal finance. Show the students the perils of debt and how to manage their money.
19 people like this.
Reply 8 - Posted by:
Ida Lou Pino 1/10/2026 9:43:24 AM (No. 2052643)
Our love for President Trump remains undiminished - - but - -
- - but this is a grotesque leftist idea - - unworthy of the President and in violation of all norms of free enterprise.
Please, Mr. President - - drop this totalitarian idea like the hot communist potato that it is. You are way better than that.
15 people like this.
Reply 9 - Posted by:
DaBigGuy 1/10/2026 11:05:26 AM (No. 2052692)
This is a horrible idea. The reason people pay 20% to 30% is because they signed an agreement to do so, then spent their way into a position of actually paying these rates. Does the administration think banks are just going to sit back and take it? Expect a variety of imaginative fees and layoffs if this dumb idea is actually implemented.
12 people like this.
Reply 10 - Posted by:
WV.Hillbilly 1/10/2026 11:15:38 AM (No. 2052711)
Credit cards are an unsecured loan. Why should banks take a bath for underwriting deadbeats?
No one is forcing anyone to get a card.
The terms are disclosed when you apply for the card. If you're too stupid to understand the interest rates, you have no business with a card.
All this is going to result in is less credit for the poors.
12 people like this.
Reply 11 - Posted by:
DVC 1/10/2026 11:24:08 AM (No. 2052722)
THIS is a BAD IDEA. A very bad idea. This will ENCOURAGE idiots to go even deeper into debt.
I love Trump but this is very bad.
17 people like this.
Reply 12 - Posted by:
JHHolliday 1/10/2026 1:21:35 PM (No. 2052786)
As #10 says, this would end up denying credit cards to people who don't have a great credit history. Maybe that would be a good thing, but pitfalls abound. You almost have to have a card to function in today's world. How would you order products online? I doubt DJT will get his wish on this, and it's a bad idea. Let the market decide. There are companies now who offer low limit cards that Visa, Mastercard won't issue to people with poor credit.
7 people like this.
Reply 13 - Posted by:
paral04 1/10/2026 1:37:34 PM (No. 2052799)
The President is right. Ten percent should be the ceiling. If those issuing companies say they need that amount because of defaults then they had better do a better job screening the applicants before issuing credit cards to them.
6 people like this.
Reply 14 - Posted by:
MickTurn 1/10/2026 2:28:09 PM (No. 2052821)
The current outrageous rates were enacted by Congress. I have NO DOUBT they are getting PAID OF on the backs of Consumers. The rates, as is, are Usury and should be held to 1% over the prime interest rate.
Usury is the practice of making loans that are seen as unfairly enriching the lender. The term may be used in a moral sense—condemning taking advantage of others' misfortunes—or in a legal sense, where an interest rate is charged in excess of the maximum rate that is allowed by law. A loan may be considered usurious because of excessive or abusive interest rates or other factors defined by the laws of a state. Someone who practices usury can be called a usurer, but in modern colloquial English may be called a loan shark.
5 people like this.
Reply 15 - Posted by:
Strike3 1/11/2026 9:17:06 AM (No. 2053137)
The only lesson a family needs to learn is the difference between what you want and what you need. In families where one spouse realizes this and the other doesn't you have constant misery. Rates are set that high so responsible people can pay off their own bills and the credit deadbeat's balances and overall, the banks make money. Cutting credit cards off to the deadbeats seems harsh but they will learn the right way to spend if they must do it with cash for a while. The wily ones figure out a way to not work and get everything for free so it makes the rest of us look like suckers for paying anything back.
5 people like this.
Reply 16 - Posted by:
Foghorn 1/11/2026 11:23:41 AM (No. 2053239)
This is long overdue. Some of the credit card companies run up to 25% interest rates. It should be a permanent action rather than a year. Twenty five percent is near usury limits which is against the law.
3 people like this.
Reply 17 - Posted by:
PrayerWarrior 1/11/2026 11:26:09 AM (No. 2053242)
I think this is a GREAT idea by President Trump. Always have thought that the credit card
companies were getting away with murder with their high interest rates. Not everybody is
an idiot as one posted here. Those who have endured loss such as disaster; flood; hurricane, fires in CA, have had to use a credit card to live by for a time. We shouldn't be so quick to
judge others.
3 people like this.
Reply 18 - Posted by:
danu 1/11/2026 4:38:21 PM (No. 2053363)
yes, 14 those are the loan shark rates...usury was prohibited by the bible.
our many small businesses were impoverished by the plandemic, trying to stay open-w/ loanshark rates.
ppl were blackmailed and extorted to do the jabs--resulting in cancers, relapses of cancers, endless unexplained deaths amongst young and old. more loss of jobs and housing to homesharks.
our dynamic govt got lots of covid dosh-never seen again....
shady hedgefunds steamrollered in to buy up housing, which patients could no longer afford to live in.
gangsters hired slags to pose as affordable housing applicants, which none of these crooks were
allowed to even apply for. they pile on endless rent increases, newly-invented junk fees, nonfunctional
so-called rent pay portals, minimal staff, fines and fees , run nice properties into the ground,
toss ppl out w/ fake unheard of attacks of rodents or roaches, to increase rents?
push for section 8housing?
no scam too small or reprehensable.
0 people like this.
Reply 19 - Posted by:
Geoman 1/11/2026 7:20:02 PM (No. 2053447)
The very concept is extremely progressive.
0 people like this.
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