Credit Card Cap: Trump's New Plan to Ease Financial Burden

President Donald Trump recently proposed a temporary 10% cap on credit card interest rates. This idea was shared on his social media platform, Truth Social. He wants this cap to start on January 20, which is the one-year mark of his return to the White House. However, he didn't explain how this cap would work or if it would be voluntary for credit card companies. Trump mentioned that this cap is about making things more affordable for Americans. Many people are struggling with the rising cost of living, and this issue has become a big concern for Trump and his party. He also blamed his predecessor, Joe Biden, for the high credit card rates. This proposal is interesting because it's a change from Trump's previous stance. Last year, his administration removed a $8 credit card fee limit that was set by the Biden administration. This limit was expected to save families a lot of money each year. It's unclear if banks will support Trump's new idea. Credit card interest is a big part of their income. If rates are capped, banks might make it harder for people to get credit, especially those with lower incomes or poor credit scores.This could make the wealth gap in America even bigger. While wealthier Americans have seen their wealth grow, many others are struggling with higher prices, debt, and fewer job opportunities. Trump's announcement came after a week of similar economic proposals. He also talked about buying mortgage bonds to lower home costs and banning big investors from buying single-family homes. However, many Americans are not convinced that Trump's policies are helping the economy. A recent poll showed that most Americans think Trump's policies have made economic conditions worse. Also, the New York Fed reported that Americans' expectations for finding a job have hit an all-time low. The Trump administration has also been working to reduce the power of the Consumer Financial Protection Bureau (CFPB). This agency oversees the financial services industry and handles consumer complaints. It has been a target of conservatives, including Trump, for years.