Trump wants to cap credit card interest rates at 10%. Would that work?

Donald Trump has proposed capping credit card interest rates at 10% for one year, starting January 20, citing that Americans are being "ripped off" by rates as high as 30%. The proposal aims to address the growing credit card debt in the US, which reached $1.23 trillion in September, with average interest rates around 22.83%. While there is bipartisan support for lowering credit card costs, experts warn that the cap could have unintended consequences, such as limiting access to credit for some consumers. The cost of living is a major concern for US voters, making affordability a key issue. Trump's plan targets credit card companies, claiming they have "really abused the public."

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