BREAKING: Trump calls for 1-year cap on credit card interest rates at 10%

In a post, he said "Please be informed that we will no longer let the American Public be 'ripped off' by Credit Card Companies that are charging Interest Rates of 20 to 30%, and even more, which festered unimpeded during the Sleepy Joe Biden Administration. AFFORDABILITY! Effective January 20, 2026, I, as President of the United States, am calling for a one year cap on Credit Card Interest Rates of 10%. Coincidentally, the January 20th date will coincide with the one year anniversary of the historic and very successful Trump Administration."

https://twitter.com/TPostMillennial/status/2009804554213200171

American household debt is near $20 trillion with credit card debt accounting for $1.2 trillion of that in 2025. The average American credit card debtor owes almost $7,000 on credit cards, though that varies by region.

Many credit cards have an interest rate of 20% or higher, making it difficult for American borrowers to get ahead of those balances. Just paying the minimum balance on high interest rate credit cards means the debt won't be paid down for decades in some cases. Forbes states that the average credit card interest rate is 25.32%. Trump has been under pressure to create a more affordable economy for Americans, and for most who carry debt and are paying off that debt to creditors monthly, a drop in the interest rate could make a huge differance. As the economy has tightened up, many Americans choose to make purchases on credit rather than with ready funds and many online creditors have sprung up to make that easier than ever.

Trump is also working on an executive order to tackle housing affordability, allowing people to use their retirement savings to buy homes. He has said also that he would put a stop to the corporate mass buying of homes, which threatens to turn America into a nation of renters where homeownership is entirely out of reach.