Can Trump cap credit card rates for one year? Here's what to know.
CBS America · Just In
CBS America
Just In
President Trump says he wants to cap credit card interest rates at 10% for a year by Jan. 20. CBS News business analyst Jill Schlesinger breaks down if the president has the ability to cap rates and what it would mean for you.
Breakdown
- Trump proposes 10% cap on credit card interest rates for one year
- Legal authority for cap is unclear; congressional action likely needed 19s
- Current average credit card interest rate is 20% 34s
- A 10% cap could save consumers about $700 per year on interest 1m 25s
- Federal Reserve rate cuts could also lower credit card rates 1m 52s