Trump Proposes Temporary 10 Percent Cap on Credit Card Interest Rates

Former President Donald Trump has proposed a 10 percent temporary cap on credit card interest rates, which have spiked in recent years. According to LendingTree data, the average interest rate on new credit card offers is nearly 25 percent. Other cards carry higher rates, such as retail credit cards that charge holders an all-time high of 30.45 percent. The Republican presidential candidate said it is time to rein in the charges. “While working Americans catch up, we’re going to put a temporary cap on credit card interest rates,” Trump said at his Long Island rally on Sept. 18. “We’re going to cap it at around 10 percent. We can’t let them make 25 and 30 percent.”...