Trump Declares War on 30% Interest Rates, 10% Cap for One Year or Bust
KEY POINTS
- •On January 9, 2026, Trump called for a one-year, 10% cap on credit card interest rates starting January 20.
- •Elizabeth Warren expressed willingness to cooperate if Trump pushes legislation through Congress to cap rates.
- •Credit card debt rose to $1.23 trillion in Q3 2025 with banks profiting over $105 billion in interest in 2022.
On January 9, 2026, former President Donald Trump burst onto Truth Social promising to heroically cap America’s credit card interest rates at 10% for one miraculous year starting January 20, *finally* tackling the alarming $1.23 trillion credit card debt — that’s a $67 billion jump from last year’s Q3. Despite the bleak economy, Trump blamed 'Sleepy Joe Biden' for letting us be 'ripped off' by sky-high 20-30% (and beyond!) rates that apparently blossomed unchecked like an invasive weed. financial warriors like Elizabeth Warren hinted at a handshake of sanity, saying Congress could cap rates if Trump stops tweeting and starts fighting. Yet credit card giants and banking lobbyists fired back, fearing a push into the dark realms of payday loans. Fun fact: since Trump's administration demobilized the CFPB, consumers paid $105 billion in interest last year, fattening bank margins from 4.5% to 5.9%. As the Fed gently swatted rates lower, customers still drown in fees – apparently capitalism’s latest extreme sport.
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Trump’s grand plan to cap credit card interest at 10% for *one* year sounds like a Cooling-Off Period for the economy’s biggest sugar daddy: debt and despair.
Nothing says 'financial reform' like a one-year interest rate cap announced via social media with bipartisan seniors side-eyeing like it’s a new TikTok challenge.
Credit card companies hear '10% cap' and recoil harder than a cat hearing a cucumber drop. Meanwhile, Americans are just trying not to swim in debt soup.
Source: Businessinsider | Published: 1/13/2026 | Author: Ayelet Sheffey,Juliana Kaplan
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