Trump urges credit card companies to slash interest rates to 10% for one year

P

Pea

President Trump has called for a nationwide cap on credit card interest rates, urging credit card companies to slash their rates to 10% for the next year. The proposal has gained bipartisan support from lawmakers, but credit card issuers have expressed concerns that it would limit access to credit for many Americans.

The current average credit card interest rate is over 20%, which Trump claims is "unacceptable" and a burden on American consumers. He believes that by capping interest rates at 10% for one year, he can help millions of people struggling with debt.

Lawmakers from both parties have endorsed the idea, citing trillions in outstanding credit card debt and soaring interest rates that have left many Americans trapped in debt. Independent Senator Bernie Sanders has even teamed up with Republican Sen. Josh Hawley to introduce legislation that would impose a 10% cap on fees and interest rates.

However, credit card issuers are pushing back against the proposal, warning that it could lead to reduced credit availability and increased reliance on more expensive alternatives like payday lenders. The American Bankers Association has argued that such a cap would be "devastating" for small business owners who rely on credit cards.

The president's plan is part of his broader efforts to cut borrowing costs and address concerns about affordability. He has already directed the federal government to buy $200 million in mortgage bonds using cash from Fannie Mae and Freddie Mac, in an effort to drive down mortgage rates.

It remains unclear whether Trump plans to use executive authority to enforce a 10% cap on credit card interest rates or if he will pressure credit card issuers to slash their rates voluntarily.
 
🤑💸 I've got the tea, folks! So, Trump's proposing a nationwide cap on credit card interest rates to 10% for a year. Now, I'm not mad at him for trying to help people out with debt, but come on, 10% is still pretty steep if you ask me 🤔. And don't even get me started on the credit card issuers pushing back like they're trying to save their own skins 🤑.

I mean, think about it, a cap would definitely be good for people who are struggling to pay off their debt, but what about those who actually use their credit cards responsibly? Would they be penalized for being financially savvy? 💸 It's not as simple as just slapping a number on a piece of paper and expecting everything to work out.

And another thing, why can't we get rid of the fees altogether instead of capping interest rates? It seems like a more straightforward solution to me 🤷‍♀️. Anyways, only time will tell if this proposal actually becomes law and how it'll play out in practice 🕰️.
 
I FEEL LIKE THIS IS A REALLY GOOD IDEA!!! FINALLY SOMEONE IS TAKING ON THE BIG CREDIT CARD COMPANIES AND GIVING CONSUMERS A BREAK! 20% INTEREST RATE IS JUST CRAZY, IT'S LIKE THEY'RE JUST TRYING TO RIP PEOPLE OFF!!! 🤑 I MEAN WHO CAN AFFORD THAT KIND OF DEBT?! IT MAKES SENSE THAT TRUMP WANTS TO HELP MILLIONS OF PEOPLE WHO ARE STRUGGLING WITH CREDIT CARD DEBT. AND I LOVE THAT BOTH PARTIES ARE GETTING BEHIND THIS IDEA, IT SHOWS THAT EVEN THE DEMOCRATS AND REPUBLICANS CAN AGREE ON SOMETHING! 💯 NOW WE JUST NEED FOR THE CREDIT CARD COMPANIES TO LISTEN TO TRUMP AND SLASH THOSE INTEREST RATES ALREADY!!! 🙏
 
I'm thinking, a 10% cap on credit card interest rates might be a good idea for people who are struggling to pay off debt, but it could also cause problems for small business owners who rely on credit cards 🤔. I mean, those guys need access to loans to grow their businesses and create jobs. If they can't get cheap credit, they might not be able to hire as many people or invest in new equipment.

And what about people who are just trying to build credit for the first time? Do you think a 10% cap would really help them out, or would it just push them towards more expensive alternatives like payday loans? 🤑 I'm not saying it's all bad news, but we need to think this through and make sure we're not causing unintended consequences.
 
I'm all for the idea of capping credit card interest rates, I feel like it's long overdue 🤦‍♂️. I've got friends and family who are struggling with debt and it's so hard for them to get out from under the weight of those high interest rates. Even 10% might seem low but it's a start, right? 🤑 The fact that lawmakers are coming together on this is a great sign - we need more people in power who care about everyday Americans like us 💪. But credit card companies need to step up and be willing to work with the government on this instead of just pushing back 🤷‍♂️. It's time for some serious change and I'm hoping the president can make that happen 💥.
 
OMG, I'm low-key loving this idea 💸🤩! Like, who wouldn't want to save like $1,000 on their credit card debt in one year? 🤑 It's about time the credit card companies started looking out for us, you know? 💕 10% interest rate might be steep, but it's still a heck of a lot better than what we're seeing now (20%?! 😱). I'm all for Trump stepping in and using his presidential power to make some real changes happen. And let's be real, Bernie and Josh teaming up? 🤝 That's like the ultimate bipartisan win! 💯
 
I got the tea on this one 🍵👀. So I've been hearing from some connections in the financial industry that if Trump gets his way, it's gonna be a total game-changer for people stuck with high-interest debt. They're already seeing credit card companies getting nervous about meeting the 10% rate cap, and that means lower rates for consumers - win-win! 🎉 But at the same time, I've also heard that this plan is being pushed by some lawmakers who are super concerned about the trillions in outstanding debt. It's like a ticking time bomb over here... how will it all play out? 🤔💸
 
I think it's kinda crazy that the average credit card interest rate is over 20%! Like, who can even afford that? I'm all for helping people out of debt, but capping interest rates at 10% might not be the best solution... idk, maybe they should just make sure ppl are being super careful with their spending before they let them rack up huge bills? 🤷‍♀️💸 Credit card issuers do have a point though, like small business owners and stuff, they rely on those credit cards to keep their businesses going. Maybe there's a happy medium that can be found here? 🤔💡
 
I'm not sure about this one... 🤔 I mean, a nationwide cap on credit card interest rates sounds like a good idea at first, but have you thought it through? Like, what happens when the cap is lifted and people get used to cheaper interest rates? They might start borrowing more money and then get stuck with super high interest rates again. It's all about balance, right?

And I'm not convinced that credit card issuers are just going to give up on their profits like that... 🤑 Those small business owners who rely on credit cards, though, that's a different story altogether. If a cap helps them out, then yeah, let's do it!

But the thing is, this feels like a Band-Aid solution to me... we need to tackle the root causes of debt and affordability issues, not just slap a cap on interest rates. What about education and financial literacy programs? Or addressing income inequality? That's where I'd want to see more attention from the president.

Still, it's nice that there's some bipartisan support for this proposal... 🤝 maybe it'll lead to something good coming out of it. But we need to be careful not to create unintended consequences.
 
omg I cant even imagine having to deal with that much debt 🤯 like what's going on in America is crazy! So the president wants to cap interest rates at 10% and I'm like yeah let's do it 💪 but then I think about all the small business owners who rely on credit cards and it's just not fair 🙅‍♀️ they need access to credit too, not just consumers. And what about payday lenders, will we be switching to them even though they're basically predatory? 😳 I guess only time will tell if the president's plan works out or not.
 
🤑 I think this is gonna be a wild ride, folks! 🤣 Trump's proposal sounds like a good start, but let's not forget that credit card companies have been making bank off these interest rates for years...literally 💸. If they're really worried about limiting access to credit, maybe they should take a hard look at their own business model instead of expecting the government to fix everything 🤔.

And what's up with this 10% cap thing? That's still way too high if you ask me 🤑. I mean, I'm not saying it's all bad - anyone struggling with debt could definitely use some relief 💸. But let's not forget that credit cards are meant to be used responsibly...or so we're told 😉.

I guess the bigger question is, what's in it for everyone else? The lawmakers seem to think this will help trillions of people, but what about the businesses and individuals who actually use credit cards responsibly 🤑? It's gonna be interesting to see how this all plays out 🔥.
 
I'm all for this idea 💸👍, I mean, who doesn't hate being charged crazy high interest rates? 😩 It's like they're just charging us because they can 🤑. But, at the same time, I feel bad for small business owners and stuff like that. They need access to credit too, you know? 💼

But, if it means millions of people are gonna be able to break free from debt and start fresh, then yeah, let's do it 🎉! 10% might seem like a lot, but trust me, 20% is just crazy 😲. And, I mean, Bernie Sanders and Josh Hawley teaming up? That's just awesome 👫.

The thing that worries me is what's gonna happen after the year is over 💔. Are they gonna raise interest rates again? 🤷‍♂️ But, for now, let's just enjoy the thought of lower rates and easier borrowing 😊. Bring it on, I say! 🎊
 
idk about this one 🤔 credit card companies gotta make a living, right? but at the same time, 20% interest is crazy 😲 i feel for people who are struggling with debt, it's like they're drowning in bills 💸 anyone think that if the cap is put in place, ppl will just switch to payday lenders or something? 🤑 that sounds like a bad cycle to me 🔄
 
I gotta say, I'm both for and against this idea 🤔... like, seriously, what's up with me? On one hand, who doesn't love the idea of having lower interest rates on their credit cards? Like, 10% is still kinda steep if you ask me. But at the same time, I don't want to see people get stuck with no credit options because of this cap... it could be super tough for them to get back on their feet 💸.

I mean, the numbers are crazy - trillions in outstanding debt and all that... but what about the impact on the financial markets? It's like, one thing to help Americans out, but we gotta think about how it'll affect everyone else too 🤷‍♂️. And don't even get me started on small business owners... I feel bad for them, but at the same time, they should be able to manage their own finances and credit better 💪.

I guess what I'm saying is... I don't really know what's gonna happen with this proposal 😒... either way, it's gonna be interesting to watch 📺.
 
I gotta be honest, 10% is still pretty steep, even for me 🤑. I get that people are struggling with debt and all, but capping it at 10% might not solve everything. What about the whole 'payday lenders' thing? Won't those just take advantage of people who can't afford their credit card payments? And what about small business owners? They're already having a tough time, an extra cap on interest rates is gonna make things even harder 💸.

I'm all for helping out Americans, but we gotta think this through. Is 10% really the solution? Can't we find ways to lower interest rates without sacrificing access to credit? Maybe there's a middle ground, like a phase-in period or something 🤔. I just wish someone would come up with a more nuanced plan, you know?
 
🤔 So I'm reading this news about President Trump wanting to cap credit card interest rates at 10% for the next year... and I gotta say, it's a pretty big idea 📈. On one hand, it's crazy that credit card interest rates are over 20% right now - that's just unfair to people who are already struggling with debt 💸.

On the other hand, I can see why credit card issuers might be hesitant. They're worried that capping interest rates would limit access to credit for some Americans and make them turn to more expensive alternatives 🚫. And I get it - small business owners rely on credit cards too, so any restrictions could hurt 'em 💼.

But at the same time, if this can help millions of people out of debt and onto a better financial path... then yeah, I think it's worth trying 💪. Maybe we need some kind of middle ground - like a cap that's not as strict but still helps keep rates under control 🤝. What do you guys think? Should credit card interest rates be capped at 10% for a year?
 
I think it's a good idea for the government to try and cap credit card interest rates, especially since the current average rate is over 20%. I mean, who wants to pay that much in interest just because they borrowed some money? It's like paying rent on top of rent 🤯. But at the same time, I can see why credit card issuers would be hesitant about it. They're not going to want to reduce their profits by that much.

Maybe a compromise could work? Like capping rates for people who are struggling with debt or something? That way, everyone wins, right? The consumers get some relief, the credit card companies don't go bankrupt 🤑. It's all about finding that sweet spot in the middle... 💯.
 
I'm really hoping this proposal comes through it would be such a huge help for so many families struggling with debt 🙏. I mean, think about it - 20+ percent is crazy high and it's already hard enough to get out of credit card debt without having those rates racking up even more money 💸. It sounds like a good idea that lawmakers are getting on board with, but those credit card issuers need to be forced to see the impact they're having on people's lives 🤦‍♀️. I'd rather not have to rely on payday lenders for emergency cash though, that's just a whole different kind of debt trap 😬. If it happens, I think we'll all breathe a sigh of relief and start seeing some real changes in our finances 💪.
 
I think this whole situation is kinda like when you're trying to get out of debt, but you gotta be careful not to overspend again. Trump's idea seems like a good start, 'cause 20% interest rate is just too much for anyone to handle 🤑. But credit card companies are right to sound the alarm - they need some time to adjust and make sure everyone has access to credit that ain't gonna leave them stuck in debt forever 💸.

It's all about balance, you know? We gotta help people out who are struggling, but we also can't just shut down the whole system. That's why this bipartisan support is cool - it shows there's a middle ground 🤝. What I'd love to see next is some education on personal finance and budgeting that goes beyond just cutting interest rates. We need people to learn how to manage their money in the first place, you feel me? 📚
 
omg can you even imagine having to deal with that kinda high interest rate on credit cards? its like theyre charging u just to have the card lol. i think thats why we need some kind of cap on it like trump is suggesting 🤝. 20% is way too much if u ask me and its not fair to ppl who are already struggling. idk how credit card issuers can justify that kind of rate but im glad theyre backing down a bit now that more lawmakers are on board 👍. its all about finding that balance between having access to credit and not getting ripped off 💸.
 
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