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Trump Proposes 10% Credit Card Interest Cap Amid Rising Debt

1/20/2026

29 5 Full Breakdown

Summary

Story summary

The Equal Credit Opportunity Act of 1974 expanded access to credit for minorities and women.
U.S. President Donald Trump proposed capping credit card interest rates at 10% to ease consumer burdens.
Despite progress, 46% of cardholders carried a balance in the past year.
Total credit card debt reached $1.233 trillion.
Legal experts say implementing the cap requires congressional action and faces lobbying from financial institutions.

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Story summary

The Equal Credit Opportunity Act of 1974 expanded access to credit for minorities and women.
U.S. President Donald Trump proposed capping credit card interest rates at 10% to ease consumer burdens.
Despite progress, 46% of cardholders carried a balance in the past year.
Total credit card debt reached $1.233 trillion.
Legal experts say implementing the cap requires congressional action and faces lobbying from financial institutions.