Trump announces a 10% cap on credit card interest rates for one year, effective January 20, aimed at reducing the current high interest burden (up to 35.99%)

The move addresses public concerns about debt costs, but requires congressional legislation, with details unclear. Data shows credit card interest in 2024 exceeded $160 billion, a 50% increase, with total debt reaching $1.23 trillion

Despite warnings from opponents that the policy could backfire, surveys show majority public support for the cap.