President Trump calls for 10% limit on credit card interest rates

CONNECTICUT– President Donald Trump has announced that he wants to place a 10% limit on all credit card interest rates in the United States. He says the change should start on January 20, 2026, and last for one year.

Trump said many credit card companies are charging “very high and unfair” interest rates. Today, most credit cards charge 20% or more, and some go above 30%. Trump says this is hurting American families who are already struggling with high prices.

Many Americans are welcoming the idea. A large number of people are struggling with high‑interest credit card debt, and they believe a 10% cap would give them real financial relief. Some say this could help them pay off their balances faster and reduce stress.

He warned that if credit card companies do not lower their rates, he will take “strong action” against them. Trump did not give full details about how the limit would be enforced, but he said he wants quick relief for consumers.

Banks and credit card companies are pushing back. They argue that a strict limit could reduce access to credit and make it harder for some people to get approved for cards. Some lawmakers support the idea of exploring a cap, while others say more study is needed.

For now, the proposal is not a law. It is a public call from Trump, and it has started a national debate about how to protect consumers from high interest rates.