Former President Donald Trump floated limiting annual credit card interest rates to a maximum of 10% during a campaign stop on Long Island Wednesday night, prompting banking groups to push back against the plan as the Republican version of Democrat Kamala Harris’ widely panned “price controls.”
“While working Americans catch up, we’re going to put a temporary cap on credit card interest rates,” Trump told a rowdy crowd of approximately 16,000 at the Nassau Coliseum while outlining his economic plan. “We’re going to cap it at around 10%. We can’t let them make 25 and 30%.”
The average credit card interest rate was 21.5% as of this past May, according to data provided by the Federal Reserve. Rates had surged starting in early 2022 amid red-hot inflation coming out of the COVID-19 pandemic.
Credit card interest rates have never dipped to 10% in the Fed’s dataset, which dates back to 1994. […]
— Read More: nypost.com
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