by WorldTribune Staff, January 12, 2026 Real World News
President Donald Trump is calling on credit card companies to cap interest rates at 10% for one year.
“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,” the president wrote on Truth Social late Friday.
Trump said the cap on interest rates should begin on Jan. 20, 2026, or the one-year anniversary of his second inauguration.
According to Federal Reserve statistics, credit card interest rates currently average over 20%.
Lawmakers from both parties reportedly support Trump’s idea.
Americans owed a total of $1.23 trillion in credit card balances in the third quarter of last year, the highest level on record, according to the Federal Reserve Bank of New York.
A 2024 study by NerdWallet found that the average U.S. household with credit card debt owed $10,563.
The Consumer Financial Protection Bureau found in 2023 that credit card rates have soared “far above the cost of offering credit.”
Credit card issuers object to the imposition of a 10% interest rate.
The Electronic Payments Coalition — which represents credit card issuers and payment networks — said “a one-size-fits-all 10% cap risks making things worse by reducing access to credit and limiting choice.”
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