Trump Proposes Cap on Credit Card Interest Rates

Donald Trump, with support from Bernie Sanders, plans to cap credit card interest rates at 10% to alleviate the burden of high credit card debt on Americans, which currently stands at $1.17 trillion. While this could reduce interest payments, it may also limit access to credit for riskier borrowers, potentially pushing them towards more expensive alternatives like payday loans. Natasha Sarin, a Yale Law School professor, suggests addressing hidden fees in credit card contracts as a more immediate solution.