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Trump calls for 10% limit on credit card rates to ease consumer debt | FOX 10 Phoenix
visibility comment0 event January 12, 2026 timer 22:03
President Donald Trump announced his intention to cap credit card interest rates at 10% for one year, reviving a campaign pledge aimed at providing consumer relief.
Trump posted the proposal on Truth Social, stating that the move would protect the public from being "ripped off" by lenders currently charging rates between 20% and 30%. While the plan could potentially save Americans tens of billions of dollars, it faced immediate pushback from the banking industry, a sector that has historically supported the president.
Trump criticized the Biden administration for allowing interest rates to climb to their current levels.
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