Donald Trump called for credit card interest rates to be capped at 10 per cent as his administration seeks to address Americans’ concerns about the cost of living ahead of closely watched midterm elections later this year.
In a post on social media on Friday evening, the president called for the cap to come into force on January 20, the anniversary of his inauguration, and said it should remain in place for one year.
“We will no longer let the American Public be “ripped off” by Credit Card Companies that are charging Interest Rates of 20 to 30%,” Trump said. “I, as President of the United States, am calling for a one year cap on Credit Card Interest Rates of 10%.”
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