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During his Wednesday Uniondale rally, President Donald Trump announced credit debt relief for millions of Americans by planning a temporary 10 percent cap on credit card interest rates.
“And while working Americans catch up, we’re going to put a temporary cap on credit card interest rates. We’re going to cap it at around 10 percent. We can’t let them make 25 and 30 percent,” Trump said.
According to Lending Tree, credit card interest rates for new credit offers is at an average of 24.92%. High credit card interests are currently hurting everyday hard-working Americans with multiple credit cards.
Forbes reported that credit card debt in 2024 continues to skyrocket at an alarming rate. The average American’s credit card debt rose “from $5,947 in the second quarter of 2023 to $6,329 in the second quarter of 2024.”
Under the Biden-Harris administration, the purchasing power of Americans continues to dwindle due to high inflation rates, while the American dream is now in decline and out of reach for homeownership and extra funds for discretionary spending. The ripple effects in the last three and a half years resulted in many Americans falling behind with high monthly credit card payments.
The lives of Americans nationwide have become increasingly difficult with high unemployment rates, high childcare costs and the lack of high-paying job opportunities. Trump’s newly proposed economic policy to cap credit card interest rates at 10 percent will be one of the many paths to help lead Americans to improved financial futures.