Trump announces one-year 10% cap on credit card interest rates

The Guardian - World NewsCenter-LeftEN 3 min read 100% complete by Eric BergerJanuary 10, 2026 at 05:02 PM

AI Summary

medium article 3 min

Donald Trump announced a plan to cap credit card interest rates at 10% for one year, effective January 20th. The announcement follows a campaign promise to address rising credit card debt, which reached $1.17 trillion in the third quarter of 2024. Senators Bernie Sanders and Josh Hawley introduced a similar bipartisan bill in February 2025 to cap rates for five years, but it has stalled in Congress due to opposition from banking groups. Trump's announcement, made via social media, lacks details on implementation and enforcement. The proposal has drawn mixed reactions, including criticism from a Trump supporter who warned of potential consequences for consumers.

Key Entities & Roles

Key Player Opposition Context

Congress 50% Bill Ackman ×250% Josh Hawley 60% Joe Biden 60% Bernie Sanders ×270% United States 80% Donald Trump ×690%

Keywords

credit card interest rates 100% interest rate cap 90% donald trump 80% credit card debt 70% financial regulation 60% banking industry 50% bernie sanders 40% consumer finance 40%