President Trump on Friday night called on credit card companies to cap interest rates at 10 percent.
“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!” the president wrote in a post on Truth Social, using a term he has frequently referred to as a “hoax” pushed by Democrats.
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,” he added.
GOP lawmakers have been urging the president to address the high cost of living for Americans as it remains a top concern for voters, especially going into the midterm elections later this year.
“You can’t call it a hoax and suggest that people are going to believe it,” Sen. Lisa Murkowski (R-Alaska) said last month regarding Trump’s attempts to dispute evidence that affordability has become a major concern for millions of Americans. “What you say matters.”
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