New York.- US President Donald Trump said he will impose a 10% limit on credit card interest rates starting January 20, a measure he intends to maintain for a year with the aim of lowering the cost of living in the country.
“Please know that we will not allow the American public to be ‘ripped off’ any longer by credit card companies that are charging 20 to 30% interest and even more,” the president said on his social network Truth Social.
“Effective January 20, 2026, I, as U.S. president, call for a one-year limit on credit card interest rates of 10%,” added Trump, who wanted to coincide the date with the anniversary of the first year of his second term.
However, the Republican president, who blamed his predecessor, Democrat Joe Biden, for the high interest rates charged on credit cards, already faced criticism from the banking sector and some figures on Wall Street.
The American Bankers Association (ABA) and four other industry groups issued a joint statement warning of the negative consequences for consumers of the 10% limit and advocated for collaboration to improve access to credit.
The 10% limit, they pointed out, “would reduce the availability of credit” for millions of families and small businesses, “the consumers this proposal aims to help,” and would push them towards “less regulated and more expensive alternatives,” they indicated.
Hedge fund manager Bill Ackman, a Republican donor, for example, said this Saturday that the credit card market “seems very competitive” and that a solution would be for its “regulatory regime to favor new entrants and new technologies“.
However, the Republican president, who blamed his predecessor, Democrat Joe Biden, for the high interest rates charged on credit cards, already faced criticism from the banking sector and some figures on Wall Street.
