Former President Donald Trump proposed a temporary cap of 10% on credit card interest rates during a campaign speech, a significant reduction from the current average of 20.78%, according to Bankrate. The proposal would require congressional approval. U.S. credit card debt hit a record $1.14 trillion in Q2 2024, with delinquency rates rising. Analyst Isaac Boltansky predicts the likelihood of such legislation passing is low, citing political and economic challenges. The proposal would impact major credit card issuers like Capital One and American Express.
