Wall Street pushes back on Trump's plan to cap credit card interest
Trump wants to put a one-year 10% cap on credit card interest rates—well below the current average APR of about 19.7%.
Wall Street banks aren't happy, warning it could make it harder for people to get credit, even though the move might save Americans up to $100 billion in a year.
Why should you care?
High credit card rates affect many consumers. Trump's idea echoes a bill introduced by Sen. Bernie Sanders and reflects broader interest in capping rates.
But getting this passed won't be easy—it needs Congress on board, and banks are already pitching alternatives like letting parents dip into retirement savings for home down payments.
With affordability still a huge issue post-2024 elections, how this plays out could impact your wallet and future borrowing options.